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Argentine shipping 
line faces a crash 
diet. Page 25' 


00 


No. 30,272 


EUROPE’S BUSINESS NEWSPAPER 

Tuesday June 30 1987 


D 8523 A 


World News 


B u si ness -^Stijrn ma ry 


Agreement Murdoch 
on EC re-enters 
air fares Today 
threatened bid battle 


Britain and Spain Tailed lo re- 
solve their dispute over Gibral- 
' tar airport which threatens to 
torpedo a new package on the 
liberalisation of air fares 
throughout the European Com- 
1 inanity. 

Britain said a plan to exclude 
Gibraltar temporarily from the 
package would leave the coloni- 
al the mercy of a Spanish veto 
in the future. EEC transport 
ministers were to discuss the is- 
sue again today at an emergen- 
cy meeting in Luxembourg. 
Page 3 

Fiji talks 

Fiji's ousted Prime Minister 
Timoci Bavadra and Gover- 
nor-General Ratu Sir Penaia 
Ganiiau began talks on the 
country's political and constitu- 
tional crisis but tailed to reach 
immediate results. Page 5 

Shipyards dilemma 

A key European Commission re- 
port on how to help up Lo 45,000 
shipyard workers who are ex- 
pected lo lose Iheir jobs over 
the next 2Vz years hit financial 
and political snags. Page 2 

Presidential runner 

Senator Albert Gore, 39. of Ten- 
nessee entered the 1988 presi- 
dential race, seeking to become 
the youngest president in US 
history and pledging to "return 
the rule of law to the White 
House." Page 6 

Submarine pact 

Japan agreed to help the US 
strengthen anti-submarine de- 
fences after illegal high-tech- 
nology Japanese exports signifi- 
cantly damaged mutual 
security, liS Defence Secretary 
Caspar Weinberger said. Page 5 




Waldheim term 

Austrian President Kurt Wal- 
dheim sharply rejected a resig- 
nation call from the Vienna sec- 
tion of the Socialist Party and 
asserted he would complete his 
six-year term. 

Network strike 

About one third of the staff of 
the US television network NBC 
went on strike after the compa- 
ny imposed a new contract, but 
the broadcaster said program- 
ming was not a fleeted because 
managers stood in for striking 
producers, reporters, editors 
and technicians.Page 6 

Union chief shot 

Greek trade union leader 
George Raftopoulos was shot 
and seriously wounded by two 
unknown gunmen in an Athens 
suburb. A previously unknown 
left-wing terrorist group 
claimed responsibility. 

Gurkhas end strike 

Militant Gurkhas demanding a 
separate state in north-east In- 
dia ended a 13-day protest 
strike after only nine days when 
Prime Minister Rajiv Gandhi 
agreed to meet them. 


Nigerian transition 

Nigeria’s ruling military coun- 
cil will transfer power to an 
elected civilian government in 
1992. two years later than 
... planned, official sources in La- 

M fWPS S° ssaid - 

MP rearrested 

A Bangladesh MP accused of 
smuggling gold and currency 
was rearrested only minutes af- 
ter a judge granted him baiL 

Icelandic collapse 

A month-long attempt to form a 
government in Iceland col- 
lapsed after three centre-right 
parties failed in all-night nego- 
tiations to agree on how to 
share cabinet posts. 



UFOs sighted 

Members of Poland’s anned 
forces have sighted several uni- 
dentified flying objects (UFOs), 
the generally down-to-earth flat- 
ly army newspaper Zolnterz 
Woloosci reported. 

■CONTENTS 


RUPERT MURDOCH, chairman 
of News Jnlernalional.inter 
vened dramatically in the battle 
for the ownership of Today with 
a last minute increased bid for 
the loss-making UK daily news- 
paper. The bid came as Robert 
Maxwell, publisher of Mirror 
Group Newspapers was finalis- 
ing details of an agreement to 
buy the paper. Page 11 

BANK OF FRANCE cut two of 
its key interest rates by 0.25 of a 
percentage point. The interven- 
tion rate was cut to 7.5 per cent 
and the seven-day repurchase 
rale was reduced lo 8 per cent 

WALL STREET: the Dow Jones 
industrial average closed up 
10.05 at 2448.91. Page 48 

DOLLAR closed in New York at 
DM1.8285, FFr6.1015, SFrl.5205 
and Y146.7. Earlier it rose in 

London to DM 1.8305 (DM 

1.8260>; to FFr 6.1075 (FFr 

6.0925); lo SFr 1.5220 (SFr 

1.5145): and lo Y 146.75 (Y 146.25). 
On Bank of England figures the 
dollars exchange rate index 
rose 0.2 to 102.4. Page 35 

STERLING Cell in London to 
S1.6010 ($1.6110); lo DM 2.9305 
(DM 2.9425); to FFr 9.7775 (FFr 
9.8150); lo SFr 2.4325 (SFr 2.44); 
and lo Y 235. 00 (Y235.60). On 
Bank of England figures the 
pound's exchange rate index 
fell 0.4 to 71.8. Page 35 

GOLD rose $5.25 on the London 
bullion market lo close at 
$449.25. It also rose in Zurich to 
$448.75 ($443.75). Page 34 

TOKYO: Heavy selling of stocks 
related to domestic demand 
drove stocks sharply lower. The 
Nikkei average fell 393.31 to 
2-L509.41. Page 46 

LONDON: Sterling's weak re- 
sponse to the Opec agreement 
depressed equities. Gilts also 
fell. The FT-SE 100 index closed 
down 2.0 at 2^89.3 and the FT 
Ordinary index lost 6.1 to 
1.784.6. Details Page 42 

BHP, Australia’s largest compa- 
ny. reported a worse-l ban-ex- 
pected 16.7 per cent fall in an- 
nual profits on a 7.2 per cent 
rise in sales. Page 29 

BFG, West German bank for- 
merly controlled by the coun- 
try’s trade union movement,saw 
partial operating profits in 1986 
plunge to DM 166m (S89.7m) 
against DM 311m in 1985. Page 
25 

BREDERO. financially troubled 
Dutch contracting and property 
group, received court protec- 
tion from its creditors as it dis- 
■ closed that operations had 
worsened. Page 25 

DAIN1PPON INK, Japan's ma- 
jor independent producer of 
printing ink reported consoli- 
dated net profits of Y6.47bn 
($44m) in the year to March 1987 
- up 54.2 per cent from the pre- 
vious year. Page 29 

AKERNORCEM. Norway’s lar- 
gest privatelly-owned Industrial 
group, posted first four-month 
period lossses of NKr 23m 
($3.4m).Page28 

MARINE COUP of Milwaukee 
has received a $412. 5m merger 
proposal from Marshli & llsley. 
signalling another combination 
of two smaller US regional bank 
holding companies. Page 25 

ALLIS-CBALMEKS, which in its 
heyday was one of the most 
prosperous US heavy machin- 
ery makers, filed for protection 
under Chapter 11 of the US 
bankruptcy code, underlining 
the fall from grace or the most 
ratnous names in the in the 
mid-WesLem " rust belt " indus- 
tries. Page 25 

TEXACO. US oil company fight- 
ing for survival, has won a small 
but important victory in its bid 
to overturn a $10bn damage 
judgment that has driven it into 
bankruptcy. Page 25 

LONRHO.inlernalional trader, 
is to make a rare assets disposal 
by selling its eight British casi- 
nos to Brent Walker Group, UK 
property developer and leisure 
company for £128m ($205m). 
Page 25 

JAGUAR. UK luxury cars group, 
will spend £lbr» <$ 1 . 61 bn) over 
the next six years to improve 
and expand its factories in Cov- 
entry. its chairman Sir H John 
Egan said. Page 24 


Soviet Union may establish specialised banks to boost reform 


BY PATRICK COCKBURN IN MOSCOW 


THE SOVIET UNION is consid- 
ering the establishment of a 
number of specialised banks as 
part of its economic reforms. Mi 
Nikolai Ryzhkov, the Soviet 
Prime Minister, said yesterday. . 

He told the Supreme Soviet, 
the Soviet parliament, that the 
present Soviet banking system 
was cumbersome and might be 

replaced by a state bank and 
five new specialised banks for 
foreign economic relations, 
agro-industry, -construction, 
housing and commercial ser- 
vices. 

Soviet economists have criti- 
cised the present Soviet bank- 


ing system for financing current 
account deficits at low cost but 
not offering long-term credits 
for investment by enterprises. 
Mr Ryzhkov said the state was 
currently owed 40bn roubles 
($Mbn). 

The easy availability of cheap 
finance has also been blamed 
for the tendency of ministries 
and enterprises lo start too 
many construction projects 
which are only completed after 
long delays. 

Mr Ryzhkov’s speech to the 
Supreme Soviet, a body which 
rubber-stamps measures put 
before it, reiterated the pro- 


gramme for economic reform 
put Forward by Mr Mikhail Gor- 
bachev, the Soviet leader, to the 
Central Committee of the Com- 
munist Party lasL week. 

"The methods of the past sys- 
tem of economic management 
have become obsolete.” Mr 
Ryzkhov said, adding that 13 per 
cent of Soviet enterprises made 
a loss last year because of ex- 
cessive control from the centre 
and waste or resources. 

The reform programme sub- 
mitted to the Central Commit- 
tee aims to reduce allocation of 
resources by the central author- 
ities in Moscow and ultimately 


force Soviet enterprises to pur- 
chase their inputs through 
wholesale trade financed where 
necessary by bank credit. 

A document outlining the 

main reforms issued after the 

Central Committee meeting last 
week also said; "Special atten- 
tion should be devoted to rais- 
ing the purchasing power of the 
rouble, and to ensuring its 
stage-by-stage convertibility, 
first and foremost with the Sovi- 
et Union’s main trading part- 
ners in East European coun- 
tries." It set no time frame for 
this. 

Editorial comment. Page 22 



Soviet leader Mikhail Gorbachev (right) shares a word with party secretary 
Lev Zarfcov (centre) and president Andrei Gromyko 


Paris, Bonn strive 
to break EC 
summit deadlock 

BY QUENTIN PEEL, WILLIAM DAWKINS AND TIM DICKSON IN BRUSSELS 


FRANCE and West Germany 
last night held top-level talks in 
a bid to break the EC deadlock 
over farm prices and future fin- 
ancing of the cash strapped 
Community budget. 

First indications were that 
there was still gloom about 
prospects for resolving the con- 
flict between the two member 
states at the heart ofthe current 
stalemate over reform of the 
Common Agricultural Policy. 
However, a new chance of 
agreement will come at a far- 
ther meeting today. 

Last night's talks were pre- 
sided over by President Fran- 
cois Mitterrand of France and 
Chancellor Helmut Kohl of 
West Germany, who will meet 
again today for talks over break- 
fa sL 

Officials believe the oatline 
of a deal conld include' post- 
ponement of any fundamental 
reform of the complex agrimo- 
aelary system which protects 
German farmers’ high prices, 
and shelving of the controver- 
sial plan for a tax on oils and 
fats, which has threatened to 
sj>ark off a trade war with the 

In return. West Germany 
would lift Its threatened veto of 
the proposed cuts in cereals 
prices and of strict new limits 
on guaranteed crop purchases. 

Mr Ignaz Kiechle, the West 
German Agriculture Minister, 
said however that progress last 
night could be measured only in 
millimetres. "You would need a 
microscope to see it," he said. 

The suggested deal was being 
worked out in the sidelines of 
yesterday’s EC summit meeting 
in Brussels where the heads of 
state and government of the 12 
member slates struggled to re- 
solve their differences on long 



Helmut Kohl 


term financing and expenditure 
control in the Community. 

The Community leaders are 
divided between the northern 
member states including 
Britain France and West Ger- 
many,- all seeking varying de- 
grees of budgetary discipline, 
and the southern member states 
including Italy. Greece and 
Spain, who want firm commit- 
ments to a substantial increase 
in regional and social spending. 

However, what divides the 
northern member states again 
is how much money to devote to 
the Common Agriculture Policy 
with the UK far the most deter- 
mined to reduce its budget 

Mrs Margaret Thatcher, the 
British Prime Minister, yester- 
day spelt out her determination 
to see spending brought under 


enforceable control before she 
would agree to any increase in 
national contributions to Brus- 
sels. 

She made it clear that the 
British veto on a joint EC re- 
search programme - agreed by II 
of the 12 member states -might 
be lifted if adequate assurances 
could be obtained on expendi- 
ture control. 

A Belgian plan stressing 
above all the need for budget 
discipline and farm reform ran 
into immediate attack yesterday 
from the southern member 
states, who argue that the com- 
mitment to spending in the poo- 
rest regions is inadequate 

However, the plan did contain 
the suggestion of a farm price 
package excluding both the 
most controversal a gri monetary 
reforms and the oils and tat fax 
which officials now believe 
could form the basis of a Fran- 
co-German compromise. 

Speculation rose last night 
when Mr Jacques Chirac, the 
French Prime Minister, sum- 
moned his Agriculture Minister. 
Mr FYancois Guillaume, to 
Brussels where a meeting was 
planned with Chancellor Kohl 
and Mr Kiechle. 

None the less, the differences 
remain very profound. A 
spokesman for Mr Chirac yes- 
terday insisted that both the 
agrimonetaiy reforms and the 
oils and fat tax were essential 
parts of the farm price package. 

Mr Jacques Delors, President 
of the European Commission, 
said the agrimonetary system 
which effectively links EC farm 
prices to the D-mark, the stron- 
gest currency, had added an ex- 
tra Ecu L25bn, to this year’s 
farm budget. 

Eurotanatics, Page 2 


Sterling languishes despite oil 
accord and bright forecasts 


BY JANET BUSHIN LONDON 

STERLING defied logic on the 
foreign exchange markets yes- 
terday, opening sharply lower 
despite the weekend accord by 
the Organisation of Petroleum 
Exporting Countries which 
pushed oil prices to their high- 
est level for 17 months and an 
optimistic forecast for the Brit- 
ish economy by the London 
Busi ness ScbooL 

Foreign exchange dealers 
were puzzled by the pound's 
weakness and could attribute it 
only to a continuation of the 
profit-taking which has domi- 
nated trade since the UK gener- 
al election. 

The pound’s vulnerability has 
stemmed partly from a feeling 
that the dollar may now genu- 
inely have stabilised, which has 
encouraged fresh investment in 
US securities. The key motor 
behind sterling’s rise this year 
had been strong overseas de- 
mand for British shares and 
bonds. However, this now ap- 
pears to have dried up. 

The pound's modest decline 
during Par Eastern trading trig- 
gered an automatic sell order 
placed there as a precautionary 
measure during nervous busi- 
ness last week. As sterling 




dropped, other orders were 
triggered. and its trade 
weighted index opened in Lon- 
don at 71.8. well below Friday's 
72.2 close. 

The London Business School 
forecast of healthy growth and 
low inflation in the UK failed to 
lift the mood and the pound s 
index ended unchanged from 
its starting level yesterday. 

Sterling ended European 
trading at DM2.9305 from Fri- 
day’s closing DM2.9425 and at 
$L6010 after $1.6110. 


The pound's inexplicable 
weakness set the lone in other 
British markets. UK Govern- 
ment bonds closed nearly a fill) 
point lower continuing the 
sharp seil-ofT since the election 
amid widespread reports that 
Japanese investors have been, 
if anything, net sellers of gilts 
over the period. 

On the London stock ex- 
change, oil company shares 
stood out in an otherwise dull 
market, attracting buying ap- 
parently mostly by US investors 
after Opec agreed in Vienna to 
a collective output ceiling of 
16.6m barrels a day for the rest 
of the year, L7m barrels less 
than the ceiling pencilled in at 
the December meeting. 

The FT-S E 10 0 index closed 
2.0 down at 2289.3 while the FT 
ordinary was 6.1 lower at 1784.6. 

In New York, the price of 
West Texas Intermediate rose 
at one point by 44 cents to $20.70 
a barrel, before falling back to 
$20.48 by mid afternoon. The 
price of Brent crude for July de- 
livery jumped by 30 cents yes- 
terday morning in London 
Lex. Page 24; Opec accord. 
Page Zi: Currencies, Page 35; 
London stock market. Page 42 


Europe ...... — 

Companies . 

America 


2,3 C«ninwditiM 

**’ rMinunl. 


95 26 Crossword 
Currencies 


Companies .... 
Overseas — . — 
Companies-... 
World Trade 
Britain 


’ _ Currencies — 

— o Editorial comoten* . 

AST n 


....25 Eurobonds 


-34 

J3S 

.as 

-22 


c Euro-Optiens 

■’"Lr Financial Futures . 
-29 Hold 


— wwn 

G Inti- Capital Markets . 

ZZZZ-Z 10-12 — — 


Itaiu — — Lex 

Companies 30-33 Management 

Market Monii 


— 28 

— 36 
—.25 

34 

28 

,.1753 
24 


Market Monitor*. 
Men and Matters . 
Money Markets — 
Raw Materials . 


. 14 

-46 

-82 


Agriculture 

Appointments 
Arts - Reviews 

World Guide 
Commercial Law 


.34 


lo* ” — 

Stock market* - Bourses . 


.35 

-34 


19 

_.20 Technology 
—20 Unii Trusts ... 
— 16 Weather. 


.43.46 

- Wall Street —43-46 

- London — 40-42,46 

....... 18 

.36-39 
24 



SCRAMBLE 

FOR 

POLITICAL 

SURVIVAL 

STARTS 


Turkish Premier Turgut Ozal: 
thinking about calling early elections. 
Page 3 


European motor industry: squeezed 
from every side 8 

Management: EC moves to make a fran- 
chising deal — — 14 

Technology: manufacturing edge on 
display in Chicago 18 

Editorial comment: Mr Gorbachev's re- 
forms; functions of town halls 22 

UK brain drain: a trickle not a flood . 23 

European defence: wrong midsummer 
manoeuvre 23 

US construction: exploding a post-war 
myth 23 

Lex: Willis Faber, Dowty, Opec, British 
Rail art — 24 


Chicago 
bank buys 
into Wood 
Gundy 

By Bemad Simon In Toronto 

FIRST NATIONAL Bank of Chi- 
cago, the largest bank in the US 
Midwest, is to broaden its inter- 
national securities business by 
buying a 35 per cent interest in 
Wood Gundy, a pillar of Cana- 
da’s financial establishment 
The C$27 Om ($US203m> deal 
will raise Wood Gundy’s share- 
holder capital to C$40Gm. mak- 
ing it by far Canada’s biggest se- 
curities dealer. 

Mr Bany Sullivan, chairman 
of First Chicago Corp, the 
bank’s holding company, said 
yesterday that the link between 
the two groups "will enhance 
our joint capabiULies in global 
capital markets." In particular. 
First Chicago expects to gain a 
firmer foothold in Japan 
through Wood Gundy’s existing 
presence in Tokyo. 

The deal was announced on 
the eve of Canada’s so-called 
Little Bang, which for the first 
time allows banks and other in- 
vestors to take a significant eq- 
uity interest in the securities in- 
dustry. Foreign institutions are 
limited to a 50 per cent ceiling 
until mid-1968. 

First Chicago is one ofthe few 
foreign entities which has de- 
cided to invest in an existing se- 
curities dealer. Most others, 
such as the four leading Japa- 
nese securities firms along with 
Goldman Sachs, Salomon 
Brothers and SG Warburg, have 
preferred to set up new subsid- 
iaries io Toronto focusing on in- 
stitutional business. Earlier, 
Sbearson Lehman Brothers an- 
nounced that it is to take a 30 
per cent interest in McLeod 
Young Weir, another big Cana- 
dian investment dealer. 

First Chicago and Gundy said 
that the transaction would en- 
able them to share expertise 
and to work together on new 
business opportunities, includ- 
ing venture capital operations. 

Gundy plans immediately to 
expand its international distri- 
bution network and strengthen 
its office in Tokyo. 

Analysis. Page 22. 


Roh raises hope 
for democracy 
in South Korea 


BY MAGGIE FORD IN SEOUL 

SOUTH KOREANS yesterday 
dared lo hope that democracy 
was within their grasp after Mr 
Roh Tae- Woo , leader of the rul- 
ing Democratic Justice Party, 
unveiled a series of radical pro- 
posals for change in accordance 
with the people's wishes. 

The plan, now being consid- 
ered by the country's ruler. 
President Chun Doo-Hwan, in- 
cludes direct presidential elec- 
tions this year and the restora- 
tion of fitli civil rights for Mr 
Kim Dae-Jung. the country's 
leading opposition politician. It 
also promises genuine protec- 
tion of human rights and a free 
press, local autonomy and guar- 
anteed freedom of political ac- 
tivity. along with education re- 
form and an attack on 
corruption. 

Mr Roh, a former general and 
hand-picked successor to Presi- 
dent Chun, said that ir the pack- 
age was not accepted, he would 
resign from his posts as leader 
or the ruling party and presi- 
dential candidate. The package 
was welcomed by both opposi- 
tion politicians and ordinary 
Koreans as a sincere attempt by 
Mr Roh to meet their demands 
for democratic change. 

South Korea has been rocked 
by ever-increasing popular 
demonstrations this month, 
starting on the day Mr Roh was 
chosen as the presidential con- 
tender. A broad cross-section of 
the people has demanded an 
end to military-backed rule. 

President Chun is expected to 
make a statement on the pro- 
posals today or tomorrow. 

In Washington. Mr Gaston Sig- 
ur. Assistant Secretary of State, 
said the US expected President 
Chun to accept Mr Roh’s re- 
forms. * We endorse fully what 
is happening," Mr Sigur said. " I 
think if things move along well 
now for the next month or so as 
they begin to work out the de- 
tails, Korea is truly on the road 
to a very broadened political 


system and a fiill-blown democ- 
racy in Korean terms. 

Mr Marlin Fitzwater, the 
White House spokesman, said 
the package was "very positive". 

In the past week. President 
Chun has shown some flexibili- 
ty in response to the demonstra- 
tions by meeting Mr Kim 
Young-Sam. co-leader of the op- 
position Reunification Demo- 
cratic Party, and other states- 
man and church leaders to seek 
views. Analysts and opposition 
leaders say. however, that he 
has not yet indicated agreement 
to the kind of change which 
would involve giving up power. 

The initiative by Mr Roh, 
which observers believe he 
launched without consulting 
ruling party members, took 
South Koreans by surprise. Mr 
Roh, a supporter of President 
Chun when he took power in a 
military coup in 1979, has dis-. 
fenced himself from the Presi- 
dent in the past two weeks, ap- 
parently realising that the 
people would not accept an au- 
tomatic transfer of power to him 
wheu President Chun steps 
down at the end of his term next 
February. 

Mr Roh also proposed the re- 
vision of the election law to 
guarantee fair voting, the re- 
lease of all political prisoners, 
strengthening of the legal sys- 
tem and efforts to end regional 
divisions. 

Should President Chun ac- 
cept Mr Roh's proposals, the 
way appears clear for genuine 
democratic change in South Ko- 
rea. Mr Kim Dae Jung, who last 
year said he would not stand for 
the presidency in a direct elec- 
tion, in an effort to push along 
genuine debate, yesterday said 
only that he was not concerned 
about the presidency and want- 
ed only to co-operate with the 
people lo win democratic 
change. 

Vital steps towards 

democracy. Page 5 



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34-35 New Bond Street, London W1 A 2AA Telephone: (01 ) 493 8080 Telex: 24454 SPBLON G 

SOTHEBY’S 




I 


Financial Times Tuesday June 30 1357 


EUROPEAN NEWS 


Euro-fanatics drown ont bickering at the summit 


BY TM DICKSON IN BRUSSELS 


A PASSIONATE demonstration 
of Euro-enthusiasm upstaged 
the predictable and largely 
nationalistic bickering o£ EG 
heads of state as the European 
summit got under way in 
Brussels yesterday. 

Hordes of Eoro-fanatics 
descended on the Charlemagne 
building just after lunchtime 
Buttons their presence felt with 
placards calling for a “United 
States of Europe” and throwing 
water “bombs'* constructed 
from balloons commemorating 
the 30th anniversary of the 
Treaty of Rome. Several 
appeared to be aimed in the 
direction of the British Prime 
Minister, Mrs Margaret 
Thatcher, who was quickly 
surro un ded by a swarm of 
Belgian security men no doubt 
fearing the real thing. Two 
demonstrators are understood 
to have been arrested. 

Their chanting was not quite 
up to the standard of European 
farmers— a more vocal group 
occasionally seen in these parts. 
But the strong reaction of the 



SUSSING THE JOKE: Mrs Thatcher’s attention turns elsewhere as he rfellow prime banisters, Jacques Banter (left) of Luxem- 
bourg, Felipe Gonzalez (centre) of Spain and Baud Lubbers of the Netherlands dure a humorous moment at the wn«n»«tt 


large numbers ot hejmeted 
and truncheon wielding police 
managed to pacify them. 

More dramatically the leader 
of the Italian Radical Party, Mr 
Marco Panella — a member of 
the European Parliament and 
a super Euro-enthusiast — 
attempted to throw himself in 
front of a car, but happily 
missed. Unkind observers 


suggested that the party’s 
publicists would have done 
better to call in the services of 
Hona Stolier, or "Cicciolina," 
the striptease artist who created 
such a stir in the recent Italian 
elections. 

Few people inside the Charle- 
magne this week would be pre- 
pared to die or even take off 
their clothes in the cause of 


Europe. But one such is pos- 
sibly Lord Plumb, the defiantly 
“monoglot” British president of 
the European Parliament who 
cleverly got in on the act yes- 
terday via the “first ever” sum- 
mit meeting between heads of 
state and representatives of 
the Parliament 
His briefing afterwards got 
off to a somewhat unhappy 


start when a senior British 
government official announced 
to waiting journalists that “Mr 
Whatsisname” bad not yet 
started speaking. Bat with 
little useful information filter- 
ing through from the heads of 
state themselves, the latter 
pulled in a big audience to hear 
his “very frank and straight 
views.” 


These were dearly a little 
too frank for some Spanish 
journalists who were dismayed 
by Lord Plumb’s assertion that 
“the position of Gibraltar in 
the Treaty of Rome is quite 
dear” (broadly the British 
view) and his regret that Spain 
“had raised the matter” in the 
recent talks on EC airline re- 
forms. Challenged to say 
whether he thought Spain was 
to blame he gave a good Eoro- 
answer: “I am not blaming any- 
body.” 

Meanwhile, elsewhere the 
heads of state were certainly 

busy blaming each other for the 
financial mess which ostensibly 
they have come here to sort out. 
The latest plan put forward over 
the weekend by Mr Leo Tinde- 
jnanns seemed to have been 
quickly shot down by France 
and the Mediterranean 
countries while speculation 
mounted last night that the 
"old firm" — the Franco- 
German alliance — was putting 
together another compromise. 


French bank lifts 
gloom In markets 


5Y GEORGE GRAHAM IN PARIS 

THE BANK of France yester- 
day offered a more optimistic 
signal to the Paris financial 
markets after a fortnigh t o f 
gloom about the country’s 
economic performance. 

The central hank lowered its 
interest rates by a quarter of a 
percentage point, bringing its 
intervention rates back to a 
band of 7f8 per cent, the same 
level as at the beginning of 
3987, and countering a recent 
sharp rise in money market 
rates. 

At the same time, however, 
the Bank announced it was 
increasing the rate of obli- 
gatory reserves winch banks 
must maintain in proportion to 
their deposits and their hold- 
ings of tradable securities like 
certificates of deposit from 2 
per cent to 2 per cent The 
move to increase reserve levels 
is seen as partly offsetting the 
reduction in interest rates, 
which is nevertheless expected 
to have a significant psycholo- 
gical effect 

“The mood has been cata- 
strophic in recent weeks. What 
was needed to improve the 
atmosphere was a gesture from 


the Bank of France,** said Mr 
Christopher Potts, senior econo- 
mist at Basque Indosuez. 

The " decline ” has become a 
preoccupation in France over 
the past 10 days, and the 
Government has had to try to 
counter the impression that 
France was doomed to an in- 
evitable slump in economic 
performance. The hont of col- 
lective despondency was trig- 
gered by the announcement of 
a sharp deterioration in the 
foreign trade balance; wh ich 
slumped to FFr 5.6bn (£S72m) 
last month. 

Economists have focussed on 
the level of capital Investment, 
with both the left-wing opposi- 
tion and right-wing critics of 
the administration of Hr 
Jacques Chirac calling for a tax 
stimulus to help companies 
invest more. 

Mr Edouard Balladur, the 
Finance Minister, yesterday said 
that investment levels would be 
higher in France than in any of 
the other six leading Western 
industrial nations, rejecting 
any need for further investment 
incentives. 


EC ship workers’ aid plan delayed 


BY WILLIAM DAWKMS IN BRUSSELS 


A KEY European Commission 
report on how to help the up 
to 45,000 shipyard workers who 
are expected to Jose their Jobs 
over the next two and a half 
yean has hit financial and 
political snags. 

The report calls for a major 
boost in EC social aid for 
retraining redundant shipyard 
workers from last year’s 
Ecu 9.7m (£&8m) to Ecu 183m 
(£128m) for the period between 
now and the end of 1989. The 
figures emerged on a day when 
EC government leaders met 
here to grapple with the wider 
problem of Community budget 
reform, on which the Com- 
mission’s ability to pay more 
aid to shipyard workers would 
depend. 

A full meeting of Die 27-man 
Commission was to have 
debated the study last week to 
prepare it for submission to the 
Council of Ministers, member 
states’ decision making body. 
However, it was pulled off the 
Commission agenda partly to 
await any progress that today's 
s ummit might max** on the EC’s 
growing lack of funds and is 
now unlikely to be discussed at 
a meeting of Commissioners 
before the middle of next 
month. 


An EC ban on high-level 
contacts by Community minis- 
ters with Syrian government 
officials could be lifted next 
month, following the closure 
of offices of the Abu Nfdal 
Palestinian terrorist group in 
Damascus, British diplomats 
said yegteiday, writes Quentin 
Feel in Brussels. 

However other EC 
measures against Syria, 
approved in London last year 
following the disclosure of 
Syrian involvement in the 
attempted hijacking of an 
Israeli aircraft at Heathrow 
airport, are likely to remain 
in force. They include 
rigorous surveillance of 
Syrian embassies, Syrian Arab 
Airlines Eights, and a bon on 


EC financial aid to the 
country. 

British officials confirmed 
yesterday that the suhjeet of 
relations with Syria was 
likely to come np at the 
political co-operation wiring 
of EC foreign ministers In 
Copenhagen on July 12. 

The UK has been under 
pressure for some months to 
relax Its hostile attitude 
towards Syria, regarded as a 
hey player In efforts to 
achieve a Middle East peace 
conference, and the release 
of hostages In Beirut. Britain 
itself is not planning to 
resume diplomatic relations 
with Syria, broken off after 
the Heathrow Incident, and it 
can also maintain fts veto on 
EC financial aid indefinitely. 


The report was also being 
held up by wrangles between 
commission officials over the 
extent to which such aid should 
be used merely to support 
national assistance schemes or 
should be directed centrally 
from Brussels. 

At the heart of the document, 
which has already taken almost 
a year to produce, is a grim 


forecast that the EC’s 
shipbuilding capacity will have 
to be cut by about a third in 
the next few years. Even after 
that, the most profitable yards 
would be running only at 70 
per cent of full output, with 
the prospect of eventually claw- 
ing back to 80 per cent 
The report points out that it 
will be impossible to spread 


the closures evenly across the 
EC. Clearly, it warns, the bulk 
of any cuts would have to fall 
on tbe yards which have tittle 
prospect of becoming competi- 
tive. 

The Commission estimates 
new orders for the world's 
shipbuilding industry will 
have halved by next year from 
the 1977 level of 14m tonnes. 
That is a much bigger drop 
than was being forecast as 
little as two years ago, and 
next year’s estimated 7m 
tonne order book represents a 
mere 40 per cent of present 
world capacity. 

The source of the downturn, 
says the report, is a “struc- 
tural change in the general 
pattern of maritime trans- 
port” It adds: “An entirely 
new feature of essential 
importance is that the upturn 
that tiie world economy has 
taken during the last few 
years has not been accom- 
panied by an equivalent in- 
crease in seahound cargo 
volumes.” 

All this means that earlier 
forecasts of a revival in world 
capacity to between 17m and 
20m tonnes in the 1990s could 
now sustain production only 
of " substantially less than 


Deep chill returns 
to Greek relations 
with Washington j 

BY ANDR1ANA IEROD1ACONOU IN ATHENS £ 

THE SUDDEN chill into which direct reco^ltion off *3 
Greek-US relations were country’s dependence on Ub 
plunged at the end of last week military aid of some 
over the issue of terrorism has of millions of dollars agnuaUy. 
deepened following a blunt Mr ^apandreou recently 
warning by Prime Minister announced he would sees a 
Andreas Papandreou that the referendum on any new agree- 
four US military bases here ment beyond 1988. 
would be closed unless Wash- The two sides were poised to 
tngton publicly retracted its launch preliminary talks on the 
claim that Athens bargained bases’ future when the crisis 


with the Abu Nldal group for 
immunity from terrorist at- 
tacks. _ ,, 

“ If tbe Americans believe 
that through this sort of 
pressure and by harming our 
national interests we will be 
led to extend or sign any agree- 
ment on the bases, they are 
grossly mistaken,” Mr Papan- 
dreou said in Brussels, where 
he is attending the European 
Community summit. “If 3988 


over terrorism erupted last 
week, following press reports 
based on unidentified sources 
which said tbe issue of bargain- 
ing with terrorists had been 
raised by Ur Robert Keeley, tbe 
US ambassador to Athens, in a 
meeting with Greece’s Foreign 
Minister on June 25. The 
reports were confirmed by tbe 
Greek Government. 

Meanwhile, the Government 
has reacted strongly to accusa- 


\AruuuuJiuj g ii u muw uoo a uiwLtu auuu^ij t.v ***-vuiji* 

goes by without any retraction, tions by the Conservative 
Ui? bases will go.” opposition that the Socialists 

The 1983 agreement on the have been reluctant to tackle 
bases operation expires in De- terrorism in Greece “for fear 
c ember 1988. Under its terms, that any search for the source 
Greece may serve advance would lead to persons associated 
notice that the base must be with the Socialist party.” It 
dismantled within 17 months. accused the Conservatives of 
The Greek Socialists came to joining forces with the 
power In 1981 promising to Americans “in a suspicious 
remove the bases, but later political game which turned 
made this a long tern against the interests of our 
strategic goal,” partly in in- country.” 

Banking system freed to 
set own lending rates 

BY OUR ATHENS CORRESPONDENT 


THE BANK of Greece yester- 
day partially freed the highly 
regulated banking system, allow- 
ing it to set its own lending 
rates, and reduced the propor- 
tion of deposits placed on com- 
pulsory reserve.. At the same 
time by restr u ct u ring the allo- 
cation of compulsory reserve 
funds, the Bank’s measures seek 
to generate approximately 
Dr 75bn (£340m) in extra finan- 
cing to meet the needs of the 
public sector this year. 

Under a government econo- 
mic stabilisation programme the 
authorities hope to reduce tbe 
net public sector borrowing 
requirement from 14 per cent of 
gross domestic product last 
year to 10 per cent by the end 
of 1987. but deficits are report- 
edly overshooting targets. 

On the interest rate front the 
main innovation introduced by 


the measures consists of the set- 
ting of a wiinimnm lending rate 
of 21 per cent for working 
capital loans, to replace the 
existing 2L5 per cent set maxi- 
mum rate. The Governor of the 
central bank, Mr Dimitris Chali- 
kias, discounts a sudden steep 
rise in lending rates as a result 
of the measure on the grounds 
that demand for capital will 
operate as a natural check and 
balance. 

In parallel, hanks w01.be able 
to offer depositors freely nego- 
tiable interest rates on deposits 
above Dr 5m for deposit periods 
of three, six, 12 or 18 months. 

By doing away with a 15 per 
cent compulsory reserve 
requirement for investments, 
the Bank of Greece estimates 
that it will reduce the overall 
proportion of commercial hank 
deposits on reserve from 77.5 
per cent to 65. 







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Financial Times Tuesday June 30 1987 


EUROPEAN NEWS 


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Hungary to 
allow more 
private 

employment 

By Leslie CoPitt hi Berlin 
PRIVATELY-OWNED com- 
panies in Hungary's “second" 
economy will soon be allowed 
to double the number of people 
they may employ, a cording to a 
senior Hungarian politician. 

Mr Lag.lo Marolhy, bead of 
the National Planning Office and 
a member of the Communist 
Party’s politburo. said up to 24 
people would be allowed to 
work in a private company. 

The new regulation Is 
expected to come into effect 
this year he said in an inter- 
view. When private concerns 
were first permitted in Hungary 
10 years ago they could only 
employ three people. 

Mr Marotby also noted that 
“employment problems" would 
arise in certain areas as a 
result of reforms to restructure 
industry. This would generate 
previously “unknown tensions" 
In Hungary, suggesting some of 
the jobless might find employ- 
ment in the private sector. 

Government statistics show 
that 6 per cent of Hungary’s 
national income (GNP minus 
services) comes from the pri- 
vate sector, 6 per cent from 
household farm plots and about 
4 per cent from economic work 
co-operatives which lease equip- 
ment from state companies. 

Mr Ivan Berend, president of 
Hungarian Academy of 
Sciences and a leading econo- 
mist. noted recently that all 
forms of private enterprise in 
Hungary accounted for a third 
of agricultural output, more 
than a half of services, 80 per 
cent of construction and a 
third of national income. The 
population's average monetary 
income was doubled by work in 
the so-called “second" economy. 

The Industry Minister, Mr 
Laszlo Kapolyi, said last month 
that private artesans and small 
companies which employ about 
150.000 people, are playing an 
increasingly important role in 
industry. The majority made 
consumer goods and compon- 
ents and their contribution to 
exports and import substitution 
was “indispensible," he said. 
Small, short-term loans were to 
be made more readily available 
to private artesans through a 
new bank. 


Gibraltar airport: bone of contention choking the Spanish 


VISITORS TO Gibraltar come 
mostly by road these days. 
Long lines of cars queue up at 
■the border waiting to get in. 

Since Spain opened the frontier 
gates in 1985, car-borne tourists 
have been the main source of 
commercial boom on the 
colony, but they stiH have to 
go through the airpozt. 

They cross the runway on 
their way in. and after search- 
ing for a parking space or 
getting stuck on the narrow 
lanes that climb up the side 
of the Rock they cross it again 
on their way out. 

The BAF-controlled airstrip 


has become one of the most 
well-trodden military facilities 
anywhere. The little room there 
is for civil aviation use has 
turned it, especially since last 
week, into a bone of inter- 
national contention. 

The runway sticking out into 
the Bay of Algeciras now serves 
for an average of two or three 
scheduled connections a day 
with the UK. between GB Air- 
ways, a British Airways joint 
venture, and Air Europe. The 
former also runs flights to 
Tangiers with its own aircraft, 
an ageing Viscount. There is 
talk of raising daily services 


from the airport to the dizzying 
number of four. 

A row over Gibraltar airport 
has been slowly brewing in the 
two years that Britain and 
Spain have been discussing it 
In the agenda of Gibraltar ne- 
gotiations. begun after Spain 
acknowledged the rights of the 
30,000 Gibraltarians and lifted 
its border restrictions in ex- 
change for being able to broach 
the question of sovereignty. 
The airport has been at the top 
of Spanish priorities. In that 
time, Spanish optimism has 
soured into frustration. 

Madrid wants to turn it into 


BY DAVID WHITE IN MADRID 

a partiy-Spanish airport, enabl- 
ing a resumption of Gibraltar- 
Madrid flights. The planned EC 
airline liberalisation, if applied 
to Gibraltar, would mean re- 
cognising the airport as British 
and opening it to other car- 
riers while all that remained 
unsettled. 

The nub is Spain's particular 
touchiness about the flu bit of 
the colony, part of the tongue 
of sand joining the Rock to 
Europe, where Britain built the 
airpozt in the Second World 
War. 

Spain’s 1984 agreement with 
the UK refers cryptically to the 


issues of sovereignty. To the 
Spanish this means two claims: 
one to the Rock, taken by the 
English in 1704 and ceded to 
them in perpetuity (unfairly, 
say the Spanish) under the 
Treaty of Utrecht in 1713; the 
other for the isthmus over 
which Britain claims prescrip- 
tive rights, but which Spain 
never ceded to anybody. 

“ I think our position is that 
it’s British ana that’s it," a 
British Foreign Office official, 
turning a Nelsonian blind eye 
to this diplomatic nicety: But 
British maps from the 29th 
century, when the Spanish let 


the Rock’s occupants build a 
race-track on the flat area, 
dearly describe the isthmus as 
no-man's land. A pre-war 
French travel guide shows the 
“ neutral ground " pushed back, 
with the race track by then 
safely contained within a 
frontier fence — marked as lj 9 

onglaises. 

Spam is simultaneously stick- 
ing to the letter of the treaty, 
which gave Britain “full and 
entire property of the town and 
castle, together with the port, 
fortifications and forts there- 
unto belonging," and dismissing 
the treaty as an anachronism. 


The document, under which 
Britain also obtained Minorca, 
Is nothing if not quirky, it for- 
bids land com mni cations with 
the Rock, which means that 
General Franco was complying 
with it when be cut the colony 
off in 1969. It is also adamant 
that “no leave shall be given, 
under any pretence whatsoever, 
to Jews or to Moors, to reside 
or have their dwelling ” on 
Gibraltar. This is curious, 
since Gibraltar has a solid 
Jewish community and, when 
Franco withdrew the Spanish 
workforce, imported 4,000 
Moroccans. 


David Barchard looks forward to Turkey’s referendum on banned political leaders 

Sleepless nights for Ozal and Demirel 


FINANCIAL mas 
Published by The Financial Tines 
(Enrope) Ltd., Frankfurt Branch, 
re pre sen ted by E. Hugo, Frankfurt/Maia. 
nid. as mantes of the Bond of Direaas, 
F. Bartow. R. A. F. McOean. G. T. S. 
Dames. M. C. Gorman, D.EP. Palmer, 
London. Printer Frankfurier-Sadetfiu- 
Drockerei-GmbH. Frankfurt/ Main. 
EnponriWc editor D. Albino. FrankhnV 
Main. GuioBettstimsc 54, 6000 Frankfort 
am Mam I, © The Fmaadal Times Ltd, 
IM7. 

FINANCIAL TIMES. USPS No. 190640. 
published daily except Sundays and 
holidays- US sobacriptinn rates S36S.00 per 
annum- Second das postage paid a New 
York, N.Y. and a t add itional mailing 
offices. POSTMASTER: send address 
changes to FINANCIAL TIMES. 14 East 
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NEARLY 18 months before the 
next general elections are due 
in Turkey, the years of political 
calm ushered in by the 1980 
coup are over. 

Instead a scramble for politi- 
cal survival has begun between 
the Prime Minister, Mr Turgut 
Ozal, and his one-time master, 
Mr Suleyman Demirel. 

Battle was joined two months 
ago when the Prime Minister 
publicly let it be known that 
he was thinking of holding the 
general elections this year 
rather than next. 

On the face of it, this was 
an extraordinary step. Early 
elections would risk 18 months 
of secure government with the 
biggest- majority in Turkish his- 
tory in three decades. 

Even if Mr Ozal’s Motherland 
Party (MP) wins (and currently 
it looks in poor shape) it would 
certainly never get anything 
like the 252 seats it now has 
in the 400 member Assembly. 

Ordinary voters in Turkey 
mostly seem indifferent to the 
striking advances the country 
has made since 1983. The MP is 
seen as a rich man's party and 
Mr Ozal as the millionaire’s 
friend. 

There have been some 
encouraging signs such as the 
45 per cent of the votes the 
MP won in a round of munici- 
pal elections three weeks ago. 
But most people's bets are still 
on Mr Suleyman Demirel, six 
times prime minister since 1965 
and twice deposed in military 
coups, who now seems poised 
for a remarkable political come- 
back. 

Mr Demirel has one huge 
handicap however. He may be 
popular with the masses in vil- 
lages and towns — but be is 
barred from running for office 
until 1992. Only two years ago, 
he and the other p re-1980 
politicians were still political 
non-persons who could not even 
mato public statements. 

Pressure to lift the bans 
imposed by the military on Mr 
Demirel and other senior 
figures such as ex-prime 



Mr Demiral: Premier six 
times; deposed twice 
minister Bulent Ecevit, is now 
rising. It is here that Mr Ozal 
has seen his chance and seized 
it. 

The leaders were banned 
from politics by a clause in the 
1982 referendum, which was 
approved by 92 per cent of the 
voters. Certainly, by most stan- 
dards the referendum was not 
exactly a democratic affair. 
Martial law was in force. Dis- 
cussion was forbidden. Local 
headmen in villages across the 
country were hauled in and told 
which way the vote was sup- 
posed to go. 

Nonetheless Mr Ozal has been 
able to argue plausibly that a 
ban imposed by referendum 
should be lifted by one. So on 
September 6, Turkey will bold 
its third referendum. 

It looks like being a make- 
or-break occasion for both Mr 
Demirel and Mr OzaL The Prime 
Minister and his party are stay- 
ing ostensibly neutral, while In 
practice urging their followers 
to vote-tor the 1 bans to coif 
tinue. So a resounding vote to 
lift them would put Mr Demirel 
very much in the lead and per- 


haps turn the Government into 
a lame duck administration. On 
the other hand, if the bans con- 
tinue, Mr Demirel will be out 
of the game. Things would be 
set extremely fair for a general 
election. 

So how will the Turkish 
electorate vote on September 6? 
The question must be giving 
Turkey's leaders sleepless 
nights. If there is a high turn 
out and everyone votes along 
party lines, then Mr Demirel 
could face a serious threat. 

For even if his True Path 
Party is the largest grouping in 
the country with perhaps 40 
per cent of the voters behind 
it (an optimistic guess), Mr 
Demirel is the only banned 
leader likely to command 
double figures in the percent- 
age of bis support 

The majority of social demo- 
crats will probably vote no If 
they vote at all, because Mr 
Bulent Ecevit, their former 
leader has split the left in 
Turkey by forming his own 
breakaway party. 

Crossing the 50 per cent 
barrier may therefore be more 
difficult than It looks at first 
sight. 


There Is no doubt that 
memories of the mistakes of 
the 1970s, of intransigence 
while a death toll mounted from 
political violence, will play a 
part in the referendum. 

“Mr Demirel and Mr Ecevit 
never understood the bitterness 
a parent feels when a child is 
killed," said one elderly 
Turkish worker to me last week. 

The referendum stratagem 
has come as a kiss of life for 
Mr Oral's administration when 
it looked set on a hopeless 
downwards trajectory. 

Still all is far from rosy. The 
civil service is once more 
infected by listlessness and un- 
certainty about which party 
will be in charge this time next 
year. 

Government policy-making is 
over-shadowed by the elections 
and the need to curry favour 
with the voters. This has poten- 
tially dire consequences for 
economic management Civil 
servants and pensioners for 
example, have just been given 
a 48 per cent pay rise. 

Unpopular laws are bring 
amended or relaxed. Mr Ozal 
even briefly tried to loosen the 
law on firearms possession. 


This would have undone one of 
the main achievements of the 
1980 revolution which disarmed 
a population accustomed to 
illegal firearms ownership. 

Little is being heard these 
days about Mr Ozal’s economic 
reforms which have clearly 
been put on a backbumer, 
along with monetary restraint, 
until after the elections. The 
prime ministers’ free market 
technocrats, whose work has 
won the government most of its 
international reputation, carry 
little clout at present. 

Instead the party bosses, old 
style higher bureaucrats and 
the chiefs of the large state 
banks have come back into 
their own. 

If things turn out as Mr Ozal 
plans, and he can follow up a 
referendum success with an 
election victory (which depends 
on persuading his own deputies 
and President Kenan Evren to 
go along with the ideal, it may 
all have been worthwhile. 

But the firm edge to govern- 
mental policy has disappeared. 
Any hitch an the plans and Mr 
Ozal could himself not the 
roaster of events but their 
prisoner. 


Parties up and running in 
Portugal’s poll campaign 


BY DIANA SMITH IN LISBON 

AN HOUR of parly political 
broadcasts in prime television 
time officially opened the cam- 
paign for Portugal's general 
election and election for Euro- 
pean Parliamentary deputies on 
July 19. 

The main contenders are the 
social democrat PSD, whose 
downfall through an opposition 
censure motion in April pro- 
voked the fifth snap election in 
eight years, the socialist PS, 
struggling for leadership of a 
left splintered by the new, mav- 
erick PRD (Democratic Re- 
newal Party) of ex-President 
Antonia Ramalho Eanes, who is 
out to capture the socialist 
electorate, the Communists, 
running with independents and 
some Greens, and the Christian 
Democrat CDS, fighting eclipse 
by the self-assured PSD. Aside 
from them, a bevy of tiny par- 
ties on the left and right, and 
the ecological Monarchists are 
all allowed lavish television 
and radio time for the next 17 
days. 

Three opinion polls carried 
ont since late April give the 
PSD and its ambitious leader. 
Prof Anibal Cavaco Silva. 39- 


46 per cent of the vote. A' 
majority requires 43 per cent 

The PSD and CDS— whom 
polls give 2-8 per cent — will 
join forces K the Social Demo- 
crats fall short of a majority 
on their own and the CDS wins 
enough votes to compensate. 
In 1985 the PSD took 30 per 
cent. 

Capitalising on squabbles on 
the left, the PSD are after a 
majority hinged on economic 
recovery. They, like the PRD 
which took 18 per cent in 1985 
and now gets 8i per cent in the 
polls, are training their big 
guns on the Socialists, led by 
the conscientious but lacklustre 
Vitor Constancio, former 
governor of the Bank of 
Portugal. 

Dr Constancio aims to restore 
standing lost by the PS in 1985, 
when it plummeted to 21 per 
cent after exceeding 30 per cent 
for years. He wants to make his 
party a creditable moderate 
alternative to the PSD, edging 
towards a two-party system. The 
polls give him 21-28 per cent. 


Olli 

GAS 

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tax 01 -623 8814 


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1 


Financial Times Tuesday June 30 1987 



If your hank has never 
delivered money at 

200 points bdbw LIBOR, 

try die one that has. 


BankersTrust* 






— - J - 




Other issuers for which 
.BankersTrust has carried out 
financings at rates below 
LIBOR include Philip Morris, 
for which we were cobook 
runner on a (US)$100 million 
three-year, fixed-rate Eurobond 
issue that was swapped into 
floating race dollars. The issue 
was part of a refinancing pro- 
■ gram related to Philip Morris’ 
acquisition of General Foods. 


True, die credit was an extraordinarily good 
one: SEK (Swedish Export Credit). . 

Even so, the rate was an extraordinarily low 
one: more than 200 basis points below LIBOR. 
It was the lowest cost Eurobond/swap issue 
ever done. 

That’s typical of the kind of performance 
Bankers Trust delivers in the global capital mar' 
kets. Performance that regularly lowers bor- 
rowing costs for issuers, or increases yield for 
investors. 

What’s behind this performance? 

First and foremost, it’s the ability of our 

B y Structure ihnova- 

:dy match the needs 
ids of the market. 

, they Ve developed 
he coupon option 
urn and maximum 
interest rate swap. 

tion swajj. And 

vation springs, in 
part, from the 
. total integration 
^ of the people 
( within the cap- 

ital markets 

organization — the swaps experts, options and 
futures specialists and Eurobond originators — with 
those in trading and syndication. At Bankers Trust, 
they talk across desks, not across departments. 

Equally important is the integration of our 
worldwide capital markets locations, supported 
by our global distribution network. 

Easing the process even more is our propri- 
etary software and information systems which 
allow us to complete even the most complicated 
transactions with unusual speed and at low cost. 


Small wonder, then, that in a recent 
Euromcmey poll, corporate and sovereign swaps 
users worldwide voted Bankers Trust to be die 
very best overall performer in the swaps market. 

Bar none. ..... 

Today, as worldwide merchant bankers, 

Bankers Trust enjoys a commanding position in 
investment banking, corporate finance, and . 
money, securities and currency trading. Since 
we have no vested interest in any of these forms 
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So an increasing number of clients are looking to 
us for services See these: 

M ariagement Buyouts — As a leader in 
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managed 51 Eurosecurity offerings 
totaling. $7 billion last year. We are ; 

one of the most active participants in i>: " KiS 

the secondary market, where we are r-r'^-y 
a market-maker in over 600 different 
Eurosecurities. $*5^ 

Options — Bankers Trust is a 
leader in interest rate and currency & , - 

options, making markets in options 
on both short- and long-term instru- 
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Our success in these highly com- 
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to the bank that makes it a reality: 

Bankers Trust. 


Over foe last two years. Bankers 
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for SEX. We were book runner 
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at more than 200 basis points 
below LIBOR, but also on their 
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Eurobond issue — the Ip 

longest term ever done. {HI 










□ Bankers Trust Company 

Merchant kmking, woiMwide. 

Dashwood House, 69 Old Broad Street, London Kishimoto Building, 24 Marunouchi, Tokyo 



Financial Times Tuesday June 30 1987 


5 


OVERSEAS NEWS 



turn for worse 

BY ROBIN PAULEY, ASIA EDITOR, IN NADI 


FUl DEVALUED its currency 
yesterday as the political and 
economic crisis facing the South 
Pacific island state took a 
serious turn for the worse. 

The Reserve Bank ann ounced 
the Fiji dollar was being 
devalued by 17.75 per cent with 
immediate effect, partly to try 
to protect the nation’s rapidly 
dwindling foreign reserves and 
partly to help tourism which 
has collapsed since the May 14 
military coup. Petrol and diesel 
prices were also raised 
yesterday. 

At the same time Dr Timoci 
Bavadra, the 'ousted Prime 
Minister, killed any hope of an 
early solution to the political 
crisis. He told Ratu Sir Penaia 
Ganilau, the Governor General, 
that his proposals for constitu- 
tional reform, giving political 
supremacy to Melanesian 
Fijians at the expense of the 
larger Indian population, 
amounted to racial apartheid 
and so were unacceptable. 

The entire workforce of 500 
walked out of Labasa Mill, one 
of only two cane crushing plants 
working. They were protesting 
against tbe presence and 
behaviour of armed soldiers in 
the mUl. 

In a separate incident arson 
was reported to have caused 
$300,000 (£186,000) of damage 
to buildings at a Fiji Sugar 
Corporation centre. 

Two more major mills are 
due to open today but there is 
little sugar cane far them to 
crush and it is not clear 
whether more mill workers will 
now take action m support of 
the Labasa strikers. 

Ratu Ganilau is hoping Dr 
Bavad-ra will ask tbe sugar 
farmers to bring in the drop to 
save the national economy. But 
this seems unlikely unless Ratu 
Ganilau withdraws the regula- 
tions announced 'last week 
which empower him to order 
soldiers to seize private land. 



Ganilau: hoping 

property, buildings and 
vehicles. 

Indian fanners say that if 
the army harvests the cane or 
forces them to do it at gunpoint 
they will not plant end culti- 
vate a new crop, guaranteeing 
economic ruin next year. 

Sugar exports earn Fiji 
about S200m a year, represent- 
ing nearly half of the (island's 
Foreign exchange. The other 
key source of foreign exchange 
is tourism which has been 
devastated by the coup. 

Tomorrow Air Pacific, Fiji's 
airline, will slash return fares 
from New Zealand end Austra- 
lia and hotels win offer accom- 
modation at below cost price kt 
an attempt to lure tourists 
back. Some hotels are closed 
and most others have laid off 
hundreds of workers. Air 
Pacific is also making staff re- 
dundant. cancelling Sights and 
risks running out of cash dur- 
ing July. 

Meanwhile in New Zealand 
two Indian Fijians, both former 
soldiers, have started fund- 
raising to buy weapons for an 
armed guerrilla revolt in the 
island. 


US and Japan in accord 
after high-tech Soviet sale 


BY PETER BRUCE IN TOKYO 

THE US and Japan have agreed 
to strengthen their joint anti- 
submarine warfare capabilities 
in the Pacific following the 
illegal sale by a Japanese com- 
pany of machine tools to the 
Soviet Union that will help 
Moscow build quieter sub- 
marines. 

Mr Casper Weinberger, the 
US Defence Secretary, ended 
three days of talks here yester- 
day by indicating be was satis- 
fied with the “ rather firm and 
decisive steps ” being taken by 
the Government to stop a repeat 
of the machine tool sale. 
Although be had, before arriv- 
ing, spoken of the damage to 
Western security because of the 
sales, be evidently did not press 
Japan for compensation. 

“What was brought up was 
something much more affirma- 
tive than that," said Mr Wein- 
berger, “ and that is the Import- 
ance of regaining and keeping 
and strengthening anti- 
submarine warefare leadership. 

“What we need to do really 
is, I think, to work together to 
make sure that the technical 
measures to do this are designed 


and agreed upon and executed 
as quickly as possible,** he said. 

The Japanese Foreign Minis- 
try said last night, however, 
that Tokyo had not promised 
Mr Weinberger anything new. 
That could mean the Japanese 
will merely agree to firm up 
vague pledges to buy more 
anti-submarine equipment and, 
possibly, to buy long-range 
Awacs reconnaissance aircraft 
and Boeing tankers from the 
US. 

Congress, though, is still call- 
ing for compensation from 
Japan— figures between filbn 
and $30bn have been mentioned 
in Washington— and the ban- 
ning of products made by all 
companies in the giant Toshiba 
group. 

Mr Weinberger also appeared 
to have made little obvious 
progress in persuading the 
Japanese not to build their own 
aircraft to replace their ageing 
close-support fighters. He said 
the US would prefer Tokyo to 
modernise an existing US 
fighter, the F-15, F-I6 or F-18, 
in a joint venture that the 
Japanese could lead. 


it® 


imn 


SOUTH AFRICAN warplanes 
are bombing a strategic town 
in southern Angola as army 
units backed by helicopters 
and armoured cars prepare 
for an assault, Angola’s 
official news agency Angop 
said yesterday, AP reports 
from Lisbon. 

Two South African infantry 
battalions supported by 50 
armoured cars and Kentron 
helicopters are surrounding 
Ongiva, the capital of Cuneae 
province that borders the 
South African-controlled ter- 
ritory of Namibia, Angop 
said. 

Warplanes were bombing 
Angolan army positions in 


bs Angolan 
held town’ 

Ongiva as army units drew 
np in a semi-circle south of 
the city in readiness ■ to 
launch an attack during the 
dry season, according to the 
Angop report monitored in 
Lisbon. 

In Johannesburg, South 
Africa, a spokesman for the 
South African Defence Force 
refused to confirm or deny 
the Angop report. 

Angola’s allegations came 
as anti-government rebels 
backed by South Africa and 
the US said Angolan govern- 
ment forces were preparing 
for an offensive against their 
southern strongholds In 
Cnnene and neighbouring 
Cnando Cubango province. 


confident it has 
crude tankers 


BY RICHARD JOHNS IN VIENNA 


IS confident its XI 
ieing registered under 
flag, together with 
ssels chartered for a 
be enough to carry 
ts of crude and crude 
The US-registered 
enjoy American naval 
i in the Gulf. Mr 
Badr, chairman of the 
3il Tanker Company 
here yesterday that 
the number involved 
of its fleet, totalling 
n deadweight tonnes— 
used cn a shuttle ser- 
trsns-shipment point 
rabian Sea off Kbor- 
the eastern seaboard 
lited Arab Emirates, 
ons by the vessels to 
by Chesapeake Ship- 
Delaware, a wholly 
K0TC subsidiary, 


would begin as soon as 
“military arrangements ** had 
been made. Mr Badr said with 
reference to the US Adminis- 
tration’s decision to beef up its 
task force in the Gulf region 
with four extAa warships in- 
cluding the USS Missouri. 

Mr Badr said his company 
was chartering three British 
vessels, but he declined to re- 
veal their names. 

He described Iranian attacks 
on two tankers on Saturday as 
“cowardly” saying that one had 
been struck by 50 Bazooka 
rockets and the other by 15- 
O Mr All Akhbar Hashemi 
Rafsanjani. tbe Iranian 
Speaker, was quoted as saying 
yesterday that the US was 
moving towards the brink of an 
armed encounter with Iran, 
Beater report* 


Seoul rolls down the fast track to democracy 


FOREIGN SCEPTICS an Seoul 
often wonder whether South 
Korea is ready for democracy 
However, they ask. can be 
a country which has been ruled 
since 1910 by a string of harsh 
regimes, ranging from the 
Japanese colonial Government 
to two home grown military dic- 
tatorships, even know what 
democracy is? 

But a remarkably uniform 
picture of how a democratic 
South Korea should work 
emerges from informal conver- 
sations with educated middle 
class South Koreans. Their 
ideas are based not so much on 
creating new institutions as on 
making existing institutions 
play their role. Their aim is to 
create a free and equal modern 
society. 

Yesterday the consensus on 
the proposals put forward by 
Mr Roh Tae Woo. leader of the 
ruling party, was that they went 
a considerable way towards 
addressing the country’s basic 
problems. 

The people’s demands for the 
foundation of a democratic state 
fell into eight basic categories: 

• Free elections, with universal 
suffrage and secret ballot: 

• Civilian control of the 
military, and an end to Its 
involvement in politics; 

• Freedom of the press; 

• An independent judiciary 
and a fair legal system; 

• Revision of the National 
Security Law; 

• The independence of public 


Maggie Ford looks at popular aspirations in South Korea 


officials and an end to corrup- 
tion in all areas; 

• Equal opportunities in 
economic and social spheres for 
women, lower income groups, 
and people from different 
regions; 

# Balanced development spend- 
ing and equitable distribution 
of the benefits of the country’s 
economic progress; 

The immediate object of 
democratic change, South 
Koreans say, is to untie the 
apparatus of state control. The 
starting point is the military, 

which is in turn underpinned 
by tbe police and intelligence 
services and administered, fre- 
quently against its will, by the 
judiciary. 

The system has allowed 
bribery and corruption to 
flourish, they feel, enforced by 
tbe threat of action from the 
authorities if people refuse to 
take part. Koreans want to 
develop independence and 
respect for legal process in 
their institutions. 

The cose of the death of a 
tortured student is a case in 
point. Two policemen were 
asked to take responsibility by 
their superior officers. They 
were promised that their 
families would be supported, 
and that assistance would be 
provided for them to move 
away from accusing neighbours. 
They appear to have been led 
to expect short sentences, and 
of course would have received 



Sr 1 - -.C. 


Violence on the streets has 
wrought change in Korea 

good treatment while in jaO. 
The qnestion of who actually 
committed the crime, the 
matter of evidence and legal 
process were simply ignored. 

Those Koreans unfortunate 
enough to be involved in car 
accidents experience similar 
problems. Whether at fault or 
not, a driver is immediately 


arrested and taken to the 
police station, where compen- 
sation for the victims is negoti- 
ated. Failure to agree will 
bring official charges, which are 
to be avoided: they will result 
in fines and removal of tbe 
driver’s licence. Legal process 
is again ignored. 

Further abase of the law 
occurs under the National 
Security regulations. Originally 
framed to deal with Communist 
spies, this law has been widely 
abased. South Koreans com- 
plain, to include such offences 
as insulting the President. 

Young businessmen and 
those in banking and finance 
are particularly concerned 
about tire issue of the indepen- 
dence of public officials. They 
allege that the Pan Ocean 
scandal, in which the chairman 
of a major shipping company 
committed suicide, was “only 
the tip of toe iceberg.” 

The Office of National Tax 
Administration investigated toe 
company and found widespread 
evidence of fraud and foreign 
exchange irregularities. But 
businessmen say that toe inde- 
pendence of the tax authorities 
cannot itself be guaranteed. A 
tax investigation is reported to 
be a widely used ploy in 
dealing with companies which 
fail to toe the Government line. 

A free press is one important 
way to protect the independence 
and freedom of individuals and 


institutions, South Koreans 
believe. At present, letters to 
the editor are not published in 
newspapers, partly because a 
signed letter will invite a visit 
from the authorities to its 
author* But the press has 
achieved significant freedoms in 
toe past few weeks and has 
played a strong role in toe pre- 
sent movement for change. 

Although South Korea has an 
elected National Assembly, com- 
plaining to an MP is not really 
an option- MPs in the Opposi- 
tion Party are subject to arrest 
if they annoy the Government 
—the deputy leader of tbe main 
Opposition party is in jail at 
the moment — and anyway, the 
National Assembly has no 
power to take up complaints 
with the authorities. 

Demands for equal oppor- 
tunities get to the root of some 
of the basic social problems in 
the country. Women, although 
often highly educated, have few 
rights. Family and inheritance 
laws, the product of Confu- 
cianism, resemble those in 
Islamic countries, and women 
are frequently fired from their 
jobs when they get married. 

Workers are under strict 
control, with no trade unions 
allowed and often low wages. 
There is wide agreement that 
toe fruits of the country’s 
prosperity should be more 
fairly shared, while businesses 
remain competitive inters 
nationally. 


Regional development is a 
particularly thorny problem- 
The Eastern side of toe 
country, including toe cities of 
Seoul and Pusan b as received 
almost all development spend- 
ing over the past 20 years. The 
western side, including the city 
of Kwangju, is an agricultural 
backwater, with only a few 
factories providing employ- 
ment. 

Although this area has seen 
increased spending on industry 
and infrastructure in the past 
few years, young South Koreans 
believe that efforts mast he 
increased. 

Tbe articulate nature of the 
South Korean opposition is a 
function of the level of educa- 
tion, which is exceptionally 
high. More than half the adult 
population of Seoul has either 
graduated from or currently 
attends a university. The 
demands of toe people reflect a 
more Western attitude to rights 
and freedoms than many would 
expect in an Asian country. 

But the scale of toe expecta- 
tions which this generates 
causes problems. As one 
foreigner put it: “It takes South 
Korea five years to achieve 
something that took Japan ten 
years, the pace of change is so 
rapid." 

The people of South Korea 
have been fighting seriously for 
democracy for only 20 days. The 
crucial factor now is whether 
their President is capable of 
change at toe same pace as his 
people. 





W estlan d. 

We fly 1.5 million 
passengers across the 
Channel each year. 


Indeed, since 1979, Westland have carried nearly 30 
million people across the English Channel. 

All at a cruising altitude of just five feet 

No mean feat,- we think you’ll agree, for a “West Country 
helicopter company.” 

Until you realise that British Hovercraft Corporation is, in 
fact, a Westland company. 

And that our hovercraft technology is every bit as 
advanced as our world-leading expertise in helicopters. 

In fact, wherever there are problems created by extreme 
conditions, you’ll find Westland pioneering high technology 
solutions to them.. 

From testing agricultural efficiency in the Third World 
to designing launch vehicles for the European Space 
programme. 

From nuclear submarines in the Atlantic Ocean to coal 
mines in China. 

Ito a lot to carry. 

But then our shoulders are rather broader than a lot of 
people think. 

Westland, fft twice the company you’ve been led to believe. 


FOR FURTHER INFOfBlATlOW <®JUT H£ WESTUtfO GROUP AND ITS AQCVOCNTS^ PHASE CONTACT KAYE BRADFORD WKTUUC GROUP Pit YECML, SOMERSET ENGLAfffi. [TELEPHONE 0935 752224 












I 


Financial Times Tuesday June 30 1987 


WORLD TRADE NEWS 


US and EC fail 
to resolve pasta 
export dispute 


BY TIM DICKSON IN BRUSSELS 

THE PROSPECT of renewed 
trade bitterness between the US 
and the European Community 
loomed yesterday following the 
failure of weekend talks to 
resolve the long running pasta 
dispute. 

Negotiations were suspended 
early on Saturday morning with 
the two sides still " far apart ’ 
on the central issue of the level 
of EC subsidies for pasta ex- 
ports to the US. No date for a 
new meeting has been arranged 
but expectations in both camps 
are that another attempt will be 
made to resolve the problem 
over the next two weeks, almost 
certainly in Washington. 

The breathing space will 
enable negotiators on both sides 
of the Atlantic to review their 
positions. The indications last 
night were that the Americans 
are planning to discuss their 
next moves at a key session 
tomorrow. 


Immediate issue 

The immediate issue of the 
525m to $30m of EC pasta ex- 
ports to the US (mostly from 
Italy) disguises the wider ten- 
sions which have surrounded 
the recent talks. The European 
Community appears to be insist- 
ing that the outcome of the 
pasta negotiations are tied to 


the implementation of part of _ 
deal agreed last August which 
settled the question of US 
citrus exports to Europe. Mean- 
while, the increasing protec- 
tionist mood in the US Congress 
has alarmed both officials in 
Brussels and the Reagan 
Adminis tration. 

The pasta question hinges on 
the size of the variable EC 
subsidies paid to European ex- 
porters, which the US National 
Pasta Association argues have 
ranged between 15 and 1S.5 
cents per pound in 1987 en- 
abling Italian pasta to be sold 
at wholesale prices 40 to 60 
per cent lower than domestic 
supplies. 

Gaft ruling 

The US claims that these are 
illegal and points to a GATT 
panel ruling of 1983 which 
backs up its case. The EC res- 
ponds that the ruling was never 
fully adopted by the GATT 
council and that in any case 
the payments relate to the 
durum wheat ingredient of the 
pasta and that they thus come 
within the rules. It is under- 
stood to have offered a 15 per 
cent reduction in subsidies plus 
a proposal that Italian produ- 
cers could as an alternative be 
exempted from the import levy 
on supplies of US durum wheat. 


WartsiSa signs contract 
for Soviet engine plant 


BY PETER MONTAGNON 

WARTSILA, THE Finnish 
engineering company, has 
signed a contract with Avto- 
promimport of the Soviet Union 
for the first stage of a FMlbn 
diesel engine factory in 
Leningrad. 

The factory will produce 
Warts ila’s Vasa 22 and 32 type 
diesel engines under licence, 
beginning in 1990 with an 
initial annual output of 100 
engines. Production is sched- 
uled to be expanded to 400 by 
1995. 

The 560-7400 kW medium- 
speed heavy fuel engines are 


chiefly used as main and 
auxiliary engines on ships, but 
they also have power gener- 
ation applications, for example 
on oil-dHlling rigs and as stand- 
by power plants in factories. 


Turnkey plant 


The contract is a traditional 
turnkey plant project rather 
than a new-style joint venture 
between Finland and the Soviet 
Union whose authorities will 
own and operate the new plant. 

Construction will be carried 
out by Wartsila jointly with 
Finn-Siroi of Finland. 


Hungary 
homes plan 
to boost 
currency 

By Leslie Colitt In East Berlin 

HUNGARY has begun actively 
encouraging Westerners of 
Hungarian origin to retire In 
their native country in a bid 
to reverse falling hard currency 
revenues. 

A village is to be built near 
Budapest for elderly Americans 
of Hungarian descent who are 
being offered retirement flats 
with long-term leases. The 
unusual scheme was made 
possible by a new law permit- 
ting foreigners to lease pro- 
perly in Hungary for SO years. 

Private Budapest business- 
men approached Hungary’s 
leading chain HungarHotels 
with the idea of building a 
US-Etyle retirement village for 
ethnic Hungarians. Together 
they wo iked out plans for a 
300-flat village with sport and 
entertainment facilities. An 
unnamed American partner in 
the hotel and real estate con- 
sultancy line chose the com- 
munity of Fot outside Budapest 
for the site. 

The estimated cost of - the 
project. $20 An, Is to be 
financed with deposits of pros- 
pective tenants. Meanwhile the 
first fiats in Budapest designed 
for ethnic Hungarians are also 
under construction and Hun- 
gary has plans to convert 
castles and former church 
h n ilrtin g g into flats for perma- 
nent use by Westerners. 

Foreigners leasing the flats 
Will be able to pass on the right 
to use them to relatives and 
will be permitted to rent them 
to other Westerners through a 
Hung arian tourist organisation. 

Private Hungarians however 
will not be permitted to lease 
property to Westerners 
although renting flats and holi- 
day homes to Westerners is a 
source of lucrative income for 
a good many Hungarians. 

Nissan, US group to 
develop new truck 

NISSAN Diesel Motor. Japan’s 
biggest producer of heavy-duty 
trucks, and Navistar (formerly 
International Harvester) of the 
US have agreed to develop 
jointly a new vehicle. Our 
Tokyo Staff writes. 

Nissan Diesel, which will 
become the first Japanese truck 
maker to butfd a truck with a 
foreign partner, is expected to 
take charge of the vehicle’s 
body whole Navistar develops a 
six-cylinder engine. 


EXPORT-IMPORT POLICY AIMS TO CORRECT HEAVY TRADE IMBALANCE 

Pakistan launches three-year plan 


BY JOHN ELLIOTT Hi ISLAMABAD 


PAKISTAN yesterday launched a 
new three-year export and import 
policy which includes counter-trade 
proposals for imports of key com- 
modities, together with provision 
for the first time at $250m credits 
for engineering sports to Third 
World customers. 

Countries such as Kenya, Malay- 
sia and Kuwait, which supply tea, 
pahn oil and petroleum products to 
Pakistan ^tailing about $8G0m a 
year, are being told that pu rchas es 
will be made elsewhere unless 
products from Pakistan’s heavily 
undewrtilised engineering industry 
are bought in return. 

Pakistan nufrfg to tek» urgent ac- 
tion to improve exports and boost 
its of trade at a time wheu 

its other phtt ip t of foreign ex- 
change - remittances from Pakista- 
nis working overseas - is declining 


at 10 to 12 per emit or more a year 
to little mo r e than £2bn_ 

Announcing toe policy last ni ght, 
Mr Msbubul Haq, Minister for 
Commerce and Planning, said the 
aim was to boost the country’s ex- 
ports from an estimated S343bn this 

year to S5u5hn in 198040, and to re- 
strict imports to between $52hn 
and $8.5bn over the same period. 

This would reduce Pakistan’s 
trade gap from Slfibn this year to 
Slbn in 1990. Exports have grown 
by 17 per cent this year, partly be- 
cause oE growing international de- 
mand for cotton yarn anrf gar- 
ments, and imports have fallen by 7 
per cent in the wake of lower petro- 
leum product and edible oil prices. 

But the Government is concerned 
th «t these improvements cannot be 
sustained and that, without the poli- 
cy initiatives, exports would not 


grow by more than 5 per cent in 
1987-88. 

Bilateral negotiations to boost ex- 
ports have started with rise coun- 
tries - Japan, US, UK, West Ger- 
many, Kuwait, ami Malay sia - 
which together account for nearly 
90 per cent of Pakistan's current 

trade gap. 

About 25 per cent of petroleum 
products, imports have been moved 
from Kuwait on to the spot market 
to attract engineering orders, and 
Malaysia has been warned that it 
risks similarly losing a substan tial 
amount of its palm oS sales. 

Pakistan started to try to bring 
down the price of tea imports re- 
cently by restricting Unilever suhsi- 
diaries’ freedom to import from 

Kenya. Now tea is to be finked with 
engineering and other exports 
where possible. 


These moves follow a counter- 
trade initiative nearly two years 
ago which was not successful. 

A tentative target of $25Qm has 

been set m the coming year for Pa- 
kistan's first offer of export credits. 
Rngimwin g contra cts for exports 
to Bangladesh, taking up 550m 
credits, are expected to be finalised 
soon, and other business is b e in g 


new policy indudes tax and 

other i n ce ntiv es for boosting the 
added value of traditional exporting 
industries such as surgical and 
sports goods. The private setor is to 
be allowed to handle export of rice 
and raw cotton for the first time 
since the early 1970s. 

Import restrictions are being 


engineering products made in Pa- 
kistan is to be banned. 


Japan sets condition for Polish car plant 


BY OUR FOREIGN STAFF 

JAPAN has told Poland that it can- 
not provide finatiniwl twriring for a 
lad by the Daihatsu car concern to 
build a plant there until n gwwr unit 
is reached in the framework of the 
Paris dub on fresh in terna tional 
loans to the Government of General 
Wojriech JaruzelskL 
Prime Minister Yasuhiro Naka- 
sone explained this condition dur- 


ing his first round of tetke yester- 
day with General Janzzelski who is 
visiting Tokyo. 

Japan, along with other industri- 
al riatif»nK ) has been withholding 
new nflfrial credits to Poland 
February 1982, following the out- 
break of the Polish debt crisis in 
1981 and the declaration of martial 
lew in Poland. 


Daihatsu and three trading 
b o us e s including Mitsui are bidding 
in competition with Fiat of Italy to 
establish production facilities for 
Poland’s state-owned vehicle manu- 
facturer FSO. Daihatsu hopes the 
plant urin mak e the “Charade? mini- 
car. 

Commenting on the possibility of 
resuming official to Poland, 


Mr Nakasone said; “U is necessary 
that an agreement should be estab- 
lished at an international arena 
such as the Baris Club of creditor 
nations." 

He hoped that such an agreement 
would be achieved at an early date, 
but he did not make fi r m commit- 
ments about Japanese loans. 


Gibraltar 
air fares 
run into 

problems 

By Quentin Peel in Brussels 

A PLAN to exclude Gibraltar tem- 
porarily from a new European air 
fares liberalisation package -aued 
yesterday to clear the deal for take- 
off before a deadline of midnight to- 
night. 

The three-point proposal ran into 
objections from Britain and Spam 
after it was put forward by Mr Leo 
Tindemans, the Belgian Foreign 
Minis ter currently c h ai ri ng the EC 
Council of Ministers. 

Sir Geoffrey Howe, the British 
Foreign Secretary, said the plan 
would leave Gibraltar at the mercy* 
of a Spanish veto in the future, if it 
was excluded from the air transport 
liberalisation deal, which was all 
but approved by EC Transport Min- 
isters last week. 

Spain was also understood to 
have rejected the proposals, which 
would include a special clause un- 
derlining that Gibraltar’s inclusion 
as, in effect, a UK regional airport, 
would not in any way prejudice sep- 
arate negotiations on the sovereign- 
ty of the British territory. 

A second amendment would clas- 
sify all airports affected as belong- 
ing to “areas to which the Treaty (of 
Rome) applies” rather than the 
present wording referring to the 
“ter ri tory of a member state.” 


Victoria takes 25% stake in China al uminium mill 


BY ROBERT THOMSON IN PEKING 


THE Government of the 
Australian state of Victoria has 
taken a 25 per cent stake in 
the development of an A$400m 
alnmininm rolling mill and 
extrusion plant, which will be 
the largest industrial manu- 
facturing joint venture to be 
undertaken in China. 

Mr Rob Jolly, the Victorian 
Treasurer, said in Peking yes- 
terday before signing the joint 
venture contract that South 
Korea will be a main target for 
exports from the Chinese plant. 
China does not have diplomatic 
links with South Korea and 
claims not to have direct trade 
ties, though indirect trade has 
flourished in recent years. 

The Victorian investment 
complements an A$100m invest- 


ment by the state-run China 
International Trust and Invest- 
ment Corporation (OTIC) last 
year to take a 10 per cent stake 
in an aluminium smelter in 
Portland, Victoria. 

cmc will hold a majority 
stake in the new plant to be 
built at Qinhuangdao in north- 
ern China. The CITIC share 
will be 35.6 per cent, while the 
ClTIG-owned, Hong Kong-based 
Sbortridge Pty. has 18 per cent, 
and three government agencies 
make up the remainder of the 
Chinese interest in the joint 
venture company. Bahai 
Aluminium Industries. 

An other Victorian official 
said CITIC Is “very anxious” 
to tap the South Korean demand 
for aluminium sheets and 


strips and window frames. The 
Chinese plant will produce 
100,000 tonnes of al uminium 
products in its first phase, ex- 
pected to be completed in three 
to four years, and up to 300,000 
tonnes in its final phase, uniting 
it the largest of its kind in 
Asia. 

The Victorian Government is 
hoping that the new plant will 
import a large percentage of 
the aluminium ingots it needs 
from the Portland smelter, 
which produces 300,000 tonnes 
annually. 

Mr Jolly estimated that Port- 
land’s ingot sales could reach 
ASlOOra a year, but made clear 
that no firm agreement has 
been reached among the joint 
venture partners, and China 


will no doubt be keen to keep 
imports to a minimum to con- 
serve its foreign exchange 
reserves. 

Aluvic, which manages the 
Victorian Government’s 30 per 
cent stake in Portland, will pay 
about A$30m for its share of 
the Chinese joint venture com- 
pany, while the Chinese com- 
panies will invest around 
A 390m, with the remaining 
funds to be raised through 
foreign borrowing. 

China has an acute 
aluminium shortage even 
though it has abundant bauxite 
reserves. Problems are caused 
by the poor quality of the 
bauxite and by an inadequate 
electricity supply. The poorer 
the quality of the bauxite, the 


more the electricity needed in 
processing. 

Hr Jolly said the partners 
had not decided bow much of 
the Chinese plant's output 
would be for local consumption 
and how much for export But 
the Chinese will certainly want 
significant export earnings to 
cover the project cost and to 
service the lor.ns. 

Negotiations for the project 
took only eight months, which 
is surprisingly brief in China, 
and the contract was signed last 
night in Peking's Great Hall of 
the People. Mr Jolly attributed 
tiie quick agreement to the rela- 
tionship CITIC and victoria 
established during the pro- 
tracted Portland negotiations. 


# 


AMERICAN NEWS 


Southern Democrat bids 
for US presidency 


BY STEWART FLEMING, US EDITOR, IN WASHINGTON 


SENATOR Albert Gore Jr, a 
39-year-old from Tennessee, 
yesterday formally launched his 
bid for the Democratic Party’s 
presidential nomination. 

Referring to the election in 
2960 of John Kennedy to 
succeed President Dwight 
Eisenhower, and to the genera- 
tional theme he intends to 
emphasise. Senator Gore said: 
“Twenty-seven years ago, the 
voters of America, looking for 
the strength and hope of a 
generation, replaced the oldest 
man ever to serve in the office 
of the presidency with the 
youngst ever to be elected to 
that office. I believe they are 
ready to do so again.” 

Witb his formal entry to the 
race, the southern Democrats 
who believe that, to carry the 
South and win the presidency, 
the party must adopt more 
centrist policies and eschew 
interest group politics, have a 
candidate at last. 

The youthful Mr Gore is not, 
however, the candidate many 


southern Democrats would have 
put as tbeir first choice. That 
would be Senator Sam Nunn of 
Georgia, the powerful chairman 
of the Senate Armed Services 
Committee, who Is still ponder- 
ing about whether to seek the 
presidency. 

Mr Gore comes from a poli- 
tical family. While he was fight- 
ing in Vietnam, his father, then 
also a senator for Tennessee, 
was voicing his opposition to 
the war in Congress. 

After the war. the present 
senator attended law school for 
two years, divinity classes for 
a year and ran a home-building 
business. He was elected to the 
House of Representatives in 
1976 and to the Senate in 1984, 
when he won the seat vacated 
by Mr Howard Baker, now 
White House Chief of Staff. 

In Congress, he has carved 
a reputation as one of a small 
group of democrats whose ex- 
pertise on military and arms 
control issues is unquestioned. 
He has been sharply critical of 


the Reagan administration, 
arguing that the Strategic De- 
fence Initiative is designed to 
enhance US offensive capability 
and could create "a greater 
risk of nuclear confrontation.” 
He has also opposed aid to the 
Nicaraguan Contra rebels. 

On economic policy, Mr Gore 
has supported the position 
which the Democratic Party in 
Congress has now adopted — 
that a tax increase is a 
necessary part of a comprehen- 
sive programme to reduce the 
federal budget deficit 

Mr Gore suffers, along with 
most of the seven Democratic 
hunters of the presidency, from 
not being well known nationally. 
The exception is Rev Jesse 
Jackson. 

Polls put him firmly among 
the outsiders. Moreover, he has 
been relatively late into the 
field. However, he has attracted 
the support of some wealthy 
Democrats, 17 of whom pledged 
in April to raise $250,000 each 
for him. 


NBC strike 
fails to halt 
rasnmes 

ABOUT a third of the staff 
of the US television network 
NBC went on strike yester- 
day but the corporation said 
this bad not affected pro. 
grammes, Reuter reports 
from New York. 

Managers had been trained 
to step into the positions of 
many of the producers, news 
writers, editors and techni- 
cians who walked out at mid- 
night last night. No reduc- 
tions in programming, much 
of which consists of repeats 
for summer, were expected. 
NBC stated. 

The strike was by members 
of the National Association 
of Broadcast Employees and 
Technicians (Nabct)— 2jm 
of NBC’s 8,000 workers. The 
company had unilaterally im- 
posed a new contract. 

Picket lines formed at five 
television stations owned and 
operated by NBC around tile 
US, at NBC news bureaus in 
five cities, and at 13 nettsark 
studios and offices in the New 
York area, said Nabet Many 
people, some brought from 
foreign news bureaus, cros- 
sed picket ‘ lines yesterday, 

the union added. 


Panamanian di 


L v hlil 


puts 

Washington in a quandary 

BY ROBERT GRAHAM, LATIN AMBUCAN EDITOR 


THE RECENT unrest in 
Panama and t>e damaging 
series of allegations made 
against Gen Manuel Antonio 
Noriega, the country's military 
strongman, linking him to elec- 
toral fraud, are forcing an 
uncomfortable dilemma on the 
US government. 

It has to decide whether to 
press openly for the establish- 
ment of democracy in a country 
where it has a vital strategic 
interest — the Panama Canal. 
Until now, the Reagan admini- 
stration has preferred to press 
behind the scenes, for fear that 
overt US involvement in 
Panama’s internal affairs might 
provide Gen Noriega with the 
excuse to rally public opinion 
on a nationalist, anti-American 
platform. 

However, the administration’s 
band is being forced by a tough 
line from the US Senate, which 
called last week for the removal 
of Gen Noriega and the estab- 
lishment of full democracy in 
Panama. This prompted the 
withdrawal of the Panamian 
ambassador in Washington as 
a protest. 

A prime State Department 
consideration has been to 
achieve a symmetry an its 


Latin American foreign policy 
white not prejudicing US in- 
terests in Panama. This means 
seeking to balance the State 
Department's desire to be tough 
with the left-wing regime to 

Nicaragua and also wdith right- 
wing military governments. 

The Pentagon <m the other 
hand has traditionally held a 
powerful voice to policy to- 
wards Panama where at 4s 
responsible for defending the 
Canal and has some 9,000 troops 
based. 

The Pentagon has preferred 
to deal with the military as 
guaranteeing the best stability 
for the Canal- This view is now 
being seriously challenged, 
with a growing body of opinion 
in Washington arguing that the 
persistence of the military led 
by a discredited Gen Noriega 
encourages greater instability. 

The US Government is in- 
hibited from taking a dear-out 
position not ony by these con- 
flicting opinions within Wash- 
ington but also by the divided 
nature of the Panamanian 
opposition and the way in 
which the military in Panama 
have rallied behind Gen 
Noriega. 


Progress towards democracy halted by interim government’s decree 

Threat of violence hangs over Haiti 


HARTS LABOURED and violent 
moves to end three decades of the 
former Duvalier dictatorship have 
been halted by the unilateral take- 
over of the fledgling electoral sys- 
tem by the interim nutitary-donu* 
nated government 

The move is intended to maintain 
military control, or at least a strong 
influence, on the government to be 
elected in November- the first ma- 
jor free vote in 30 years. 

The interim government, led by 
army chief Lt Gen Henri Nam- 
pby4ecreed that it, and not the pro- 
visional electoral council establish- 
ed three months ago, will be in 
charge of all elections. The electoral 
countiTs role has been reduced to 
merely proclaiming when e l ecti on s 
will take place.. 

This has fuelled protest in the im- 
poverished Caribbean nation of 6m 
people , with more than 70 labour, 
political and religious groups call- 
ing for a general strike from yester- 
day. Violent street protests are ex- 
pected this week. 

The governments move to go 
bark on the under taking to leave 
the elections to the indepe nd e n t 
body, approved over whe lmingly in 
tiie April referendum, is likely to 
cause concern in the US, although 
no threat to US policies. It has been 
giving substantial financial and ma- 
terial support to the administration 
in the hope of containing the vio- 
lence of the past two years. 


Canute James, 
recently in 
Port-au-Prince, finds 
major political 
problems following 
the political demise 
of President Jean- 
Paul Duvalier 


Hai t ian political leaders say the 
governments move has left the 
country facing its biggest crisis 
since the overthrow of the Duvalier 
dynasty in February last year. 

They also say the move supports 
widely-held suspicions among Hai- 
tians that the interim government, 
prodded by elements still suppor- 
tive of former President Jean Paul 
Duvalier, who fled to France during 
na t i on al public protests, was not 
serious about its intention to hand 
over power to the civilians. 

"This is a flagrant violation of the 
constitution and we are demanding 
that tiie government immediately 
nullifies tins decree”, said Mr Tho- 
mas Desulme, leader of the Nation- 
al Labour Party, and one of the 75 
Kkely contenders for the presiden- 
cy. 

Mr Louis Dejoie of the National 



Agricultural Industrial Party said 
th e g overnment's decree had 
thrown the country’s new constitu- 
tion into the garbage. 

"We had started out so well with 
democratisation to mak a new 
Haiti ", he complained. “Now with 
the stroke of a pen the government 
has thrown out the constitution and 
refused to have any dialogue with 
the electoral council 

Mr Desulme and Mr Dejoie 
joined other prominent political 
leaders, such as Mr Marc Rartn of 
the Movement for the Tnctallatinn 
of Democracy and Mr Gregoire Eu- 
gene fo the Social Christian Party, 
in a public statement attacking the 
government’s move to co mmande er 
the electoral system. 

But the government intends to 
stand by its decision despite the 
protests. “It does not interest us 


whether the decree is consi dered 
constitutional or unconstitutional”, 
said Mr Jacques Lorthe, the Infor- 
mation Minister. "Withdrawing this 

decree is not something that we will 

consider". 

The clumsy ™«titw in which the 
government issued its decree, and 
the certainty that it will add fuel to 
a nation seething with anger at 
what it perceives a slow pahe to- 
wards democratic reform. Suggests 
a split in the interim government 

Diplomats in Haiti see it as the 
work, not of Lt Gen Nampfay, bit of 
Ids deputy, Brigadier General Wil- 
liams Regala — once an influential 
force in the dictatorship and whose 
appointment to the interim govern- 
ment contributed to the recent turb- 
ulence. 

There Is little evidence that U 
Gen Namphy will go baric on his 
word to stop down,” said an o ffi cia l , 
“and one is baffled trying to read 
fiie reasons for this action which is 

known will provoke widespread op- 
position." 

With popular approval of a new 
constitution last April, and with 
nascent political parties jostling for 
support, the pace at winch the dicta- 
torship was being dismant led ap- 
peared too fast for the military 
strongmen. 

Haring placed the 7,095 man-ar- 
my on alert to deal with expected 
protests, the interim g ov er n ment 
has also placed the US in a some- 


what embarrassing position. 

It had backed President Duvalier 
to the last week of his rule. Now the 
US has been trying to polish its im- 
age in Haiti by insisting that the in- 
terim ad mi nistration would receive 
help only when there were dear 
signs of a real desire to install an 
elected government 
It was on this basis that Washing- 
ton doubled its finum-tal aert staring 
to SlOOm this year. 

But there has been little to show 
for it. With 60 per cent unemploy- 
ment; a per capita income of about 
8270; with less than one per cent of 
the population controlling 95 per 
rent of the country's wealth; and 
with social services abject 

Haitians have seen little change 
since the fall of Duvalier. 

are now likely to conclude 
that the government ? s election take- 
over is intended to manipulate the 
vote, and that this is being done 
with the tacit support of theUS. 

Things political in tins country 
win not be decided between the 
nglti and the left," said Mr Louis 
ChabUs, a te a cher. "Ninety per cent 
of Haitians are Catholics, mid it is 
the Catholic Church which helped 
to drive Duvalier ouL 
“Our war in Haiti will not be 
fought fay the Americans and the 
Cubans, but by the Church and the 

Army. Our president - when we 
have one - will be supported by 
either the priests or the generals.” 


Sharp drop in 
sales of US 
family homes 

SALES of new single-family 
homes in fbe US, a key econo 
mic indicator, fell 14.9 per cent 
in May, the biggest drop for 
more than five years, the 
Commerce Department stated 
yesterday, Reuter reports from 
Workington. 

Many fwiaw»iai analysts had 
expected home sales to fall in 
May because of higher mort- 
gage rates. 

, The Department also said 
{ April home sales were not as 
robust as had been reported. 
These rose by I per cent, in- 
stead of the 7.6 per cent 
reported last month. 

The May decline brought new 
home sales to a seasonally 
adjusted annual rate of 616.000 
—the lowest annual rate since 
December 1984. 

The drop In May was the 
largest since January 1983, 
when home sales fell 14.9 per 
cent, the Department said. 


Peru to step op subversion drive 


BY BARBARA DURR IN LIMA 

THE ADVENT of Mr Guillermo 
Larco Cox, from the conserv- 
ative wing of the ruling Apra 
party, as Prime Minister in Peru 
is expected to toughen the 
Government’s action against 
subversion. 

He and his new Cabinet were 
to be sworn in yesterday. 

Mr Larco Cox will closely 
oversee the creation of the new 
Ministry of Defence, which will 
supersede the existing three 
ministries of the army, navy 
and air force. 

The new Prime Minister, who 
has been a key promoter of a 
defence ministry, will have the 
delicate task of trying to smooth 
the feelings of the military. 

International economic policy, 
in which President Alan Garcia 
is the key actor, is not expected 
to change. His limit on foreign 
debt service payment— set at 10 
per cent of annual export 
income— will remain in place. 
He is not expected to restart 


talks with the International 
Monetary Fund, where the 
country is ineligible for loans. 

The appointment of Mr 
Gustavo Saberbein, who has 
moved up from vice-minister to 
Minister of Economy and 
Finance, is widely interpreted 
in the business community as 
meaning no change in economic 
policy. Rather, the economic 
programme of stimulating 
demand and controlling prices 
is expected to be relaunched. 

Mr Garcia is to announce 
new economic measures on 
Thursday. These are expected 
to include a new price freeze 
to restrain inflation, an in- 
crease in the minimum wage 
and a rise in the price of petrol 
to enhance government rev- 
enues and help reduce the ris- 
ing fiscal deficit 

The Lima Chamber of Com- 
merce complained that the 
Government’s plan would in- 
crease inflation through excess 
demand. It also said that, if 


the Government was attempt- 
ing to transfer costs to busi- 
ness with a new price freeze, 
this would result only in 
scarcities and public discontent. 

For business, the Government 
Is expected to offer lower fuel 
costs and give exporters more 
generous exchange rates. It is 
estimated there will be a dis- 
guised overall devaluation of 
15 per cent. 

The Government is not 
expected to devalue the inti 
directly more than the current 
2.2 per cent a month. The esti- 
mated cost in foreign reserves 
for the programme is 3400m to 
$5Q0m until the end of the year. 

• The names of two members 
of the new Peruvian cabinet 
were printed incorrectly yester- 
day due to typographical 
error. They are: Mr Gustavo 
Saberbein, Minister of 
Economy and Finance, and 
Mr Jose Barsallo Burga, 
Minister of Energy and Mim* 


Egypt Svill be 
allowed to make 
US battle t ank? 

EGYPT WILL be allowed to 
produce the US main battle 
tank, the M1A1 Abrams, under 
toe terms of a recent agree- 
ment the Washington Post re- 
ported yesterday, Ap writes 
from Washington. 

. i?^ 5 1 controversial move, 
which has not been transmitted 

gafcMJsS 

domiOMt arms merchant in the 
Arab world, the newapaJS 

A decision has been made 
at the highest level to go ahead 
with production of the jjl tank 

141 Post Quoted an 

unidentified US official 

A White House spokesman 
commented that he fodS 

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REVOLUTION AT THE CHEMICALS FACTORY 


At Shell Chemicals we’ve been changing 
the way we serve our customers. 

As sometimes happens with chemical 
change we’ve come across a side effect: one 
man’s idea of change is anothers’ licence 
for revolution. 

Witness the goings-on at the Shell 
Chemicals’ Carrington plant on the outskirts 
of Manchester 

In only eighteen months Carrington has 
identified its strengths and turned itself around. 

Unprofitable plants have been weeded ip> 

r WrwrTfwr ip 

out and an investment of £20 million 

KM ;'v 'SiXtiite': f 

has turned Carrington into a leaner fitter ||§gg|||ir 
organisation which meets even higher targets. 

In the vanguard of the revolution are the 
Carrington technicians; foremen, operators 
and maintenance workers rolled into one. 

They work as integrated teams able to do 
each others jobs. 

Highly motivated, flexible and efficient, 
committed to results, they follow an ideology 
entitled very simply ‘the customer is king! 

Performance can only improve. Customers 
please note. 

We can reveal that the revolution at 
Carrington has contributed to another uprising, 
that of Shell Chemicals UK profits. TheyVe 
uprisen threefold. 

Something only our competitors may 
find revolting. 

Igl Shell Chemicals 

SHELL CHEMICALS UK LTD, 

1 NORTHUMBERLAND AVENUE, LONDON WC2N 5LA 


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UK MOTOR COMPONENTS 


FtaatUl Times Tuesday •>“' 30 1887 


A industry squeezed 
from every side 

By Kenneth Gooding, Motor Industry Correspondent 


Stand on the 80th floor* observation deck at 
Metropolitan Tower, turn 360° and you get an 
unobstructed 35 mile view in every direction. 


m 


[New York, scare 716 feet above the street and offers spec- 
tacular views- in afi directions. 

But more than the views are die best. In feet, if you ever thought 
about buying a luxury condominium in New York, yoa must coo- 
aderMetropohtan'KnvetWhetherasahorDeoracoiporalEpied- 

a-terre, this is an investment that will assuredly give you increased 
satisfaction as the years go by. 

S pecial feature s at Metropolitan Tower indude a private dining 
duh, and a private fitness dub with a forty hotpooL There is even 
a chauffeurs’ waiting lounge in die attended parking garage. And 


Tower assembled the finest staff in New York. 

One, two, and three bedroom apartments available from 
$328,000. 

^ • " r *?vi£ EMNUON Cflflf TOWER . 

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THE DECLINE of the UK 
automotive component sector in 
the past few years has been so 
severe that Austin Rover, 
Britain's major car producer, 
has had to look outside dts home 
base for a long list of products 
— including some which, on the 

face of it, seem relatively 
mundane, such as radio aerials 
and mirror glass. 

Andy Barr, the company’s 
director of manufacturing 
operations, says that, for tech- 
nical or commercial reasons or 
simply because they are not 
made in Britain any more, 
Austin Rover buys the following 
outside the UK: Gas-filled 
suspension struts, self-levelling 
suspension units, automatic 
gearboxes, plastic raw materials, 
in-car entertainment units, full 
electronic anti-lock braking 
systems, precision forgings for 
suspension and gearbox, small 
electric motors, air flow meters 
and foe] injectors, fuel hoses, 
electric seat slides, high per- 
formance tyres, seat reclining 
mechanism and seat belt web- 
bing, as well as the aerials and 
mirror glass. 

Virtually an tyre develop- 
ment is also carried on outside 
the UK and the country's forg- 
ing industry has fallen well 
behind competitors elsewhere 
in Europe. »»g*"ing that many 
precision forged items are no 
longer obtainable in Britain. 

And the decimation is con- 
tinuing. Lucas Electrical is to 
stop producing car instrument 
panels; has sold its vehicle 
lighting division to a company 
which Fiat will ultimately -take 
over and has put its starter 
motor and alternator opera- 
tions up for sale. It is also 
Seeking partners for its 
switches and indicators busi- 
ness and engine management 
systems division. 

It is facts like these — along 
with the trends illus- 

trated in the charts — which led 
tiie House of Commons Trade 
and Industry Select Committee 
to set up an inquiry into the 
future of the UK motor compo- 
nents sector. The committee is 
expected to report in mid-July. 

The reasons for the decline 
are easy to pinpoint. An impor- 
tant factor was the sharp con- 
traction of car production in the 
UK: from nearly 2m in 1972 
to just over lm in 1986. 

The sudden appreciation of 


the pound between 1979-81 also 
caused a substantial fall in com- 
mercial vehicle output— and 
contributed towards the demise 
of Bedford’s medium and heavy 
truck business and the sale of 
Ford’s UK truck operations and 
Leyiand Trucks to overseas in- 
terests. Ait the same time the 
overvalued pound made it very 
difficult for UK-based com- 
ponent producers to build up 
sufficient export business to 
compensate for the loss of 
domestic orders. 

But recently there have been 
signs that the decade of decline 
for the components sector could 
be at an mid. Car production in 
the UK Is on the way up again. 
Many of the component com- 
panies have rationalised, re- 
organised and are now much 
more competitive. And with 
the pound back at its 1979 level, 
prospects for component com- 
panies in export markets should 
be brighter. 

Much of the optimism within 
the industry stems from the 
UK car producers’ forecasts in- 
dicating that collectively they 
could be producing an extra 

250.000 cars a year by 1989 and 

475.000 by 1991 to add to the 
1.02m made in 1986. 

But doubters point out that 
these forecasts should be 
treated with considerable cau- 
tion because they depend on 
ambitious targets for produc- 
tivity, quality, exports _ and 
market snare, not to mention a 
continuing competitive level for 
sterling. For example. General 
Motors says the predicted 30 per 
cent increase in output at its 
Vauxhall subsidiary in the 
medium term depends on ex- 
change rates remaining about 
where they are today and on 
the company achieving a 25 per 
emit reduction in costs. 

And even if the targets are 
met, tiie increase in car pro- 
duction will not help UK 
suppliers unless the extra 
vehicles have a high British 
content. Garyl Rhys, professor 
of motor industry economics at 
University College, Cardiff, and 
advisor to the select committee, 
points out that “ in practical 
terms the recovery of car out- 
put will help the larger com- 
ponent companies only If the 
UK ex-works value of these 
e xtra cars is over 80 per cent 

Nissan, it is worth noting, has 
undertaken to start production 
at its UK factory with a Euro- 


pean content of at least 60 per 
cent, building to 80 per cent 
as quickly as possible. It is 
expected that most of this 
European content will come 
from the UK 

Whether this will help domes- 
tic component manufacturers 
depends to a great extent on 
which companies suffer when 
Nissan brings its annual 100,000 
"British” cars to market. If 
the Nissan cars cut imports, the 
effect will be beneficial. If they 
are bought as substitutes for 
Austin Rover products, damage 
will be done. 

According to United 
Engineering Steels, the private 
sector special steels company 
owned jointly by British Steel 
Corporation and GKN, only 
Austin Rover, Ford, Jaguar and 
Land Rover build truly British 
cars. (General Motors’ Vauxhall 
subsidiary end Peugeot Talbot, 
owned by the French group, 
assemble cam largely from im- 
ported components.) It would 
take four or five Nissan cars 
ftgsamteftri at Washington, Tyne 
and Wear, to reach the UK con- 
tent of one genuinely British 
cor, hi the opinion of Alistair 
Brown, chief executive of 
UES’s United Engineering and 
Forging division. 

Prof Rhys says that, although 
there are 2.000 companies in- 
volved in the UK automotive 
component business, the sector’s 
future depends on the 100 or so 
companies which account for 
80 per cent of the sector's out- 
put and employment. "The UK 
-market alone may allow the 
1,750 or so smaller companies 
(or large companies with a 
small part of their output -to 
-the -motor industry) to prosper. 
But st is of insufficient size to 
allow sales that in turn will 
generate the resources needed 
•lor larger component com- 
panies to fund new products, 
encourage research and devel- 
opment or to give sufficient 
economics of scale. Only com- 
panies which support com- 
ponents of excellent quality and 
design at competitive costs 
witii international sales can ex- 
pect a secure future.” 

The problem is that only a 
minority of even the top 100 
suppliers have an international 
presence and the average com- 
ponent maker exports less than 
10 per cent of its output. 

Those few major UK com- 


ponent groups which do operate 
internationally tend to Be 
pessimistic about the potential 
in Britain. Mr Roy Roberts, 
GKN’s managing director, told 
the select committee: “It is un- 
likely that British component 
manufacturing businesses 
which do not have plants out- 
side the UK and whose 
customers are therefore con- 
fined to UK vehicle builders — 
who together supply less than 
half the home market— will be 
sufficiently profitable to survive 
in the long term.” 

GKN’s Mr Roberts also sug- 
gested that the fall in the value 
of the pound was not particu- 
larly helpful. GKN had never 
taken an investment decision 
based on exchange rates 
because the lead times in the 
motor industry are so long that 
by the time any plant is bailt 
toe exchange rates will almost 
certainly have changed. 

In spite of this, there are 
some potential bright spots. The 
UK industry could, for example, 
benefit substantially from the 
efforts which Ford and General 
Motors, toe Vauxhall group, are 
making to switch more com- 
ponent sourcing in toe UK They 
have found themselves too 
heavily committed to buying in 
West Germany, a country whose 
currency seems set to remain 
highly-priced for some years. 

But Bill Hayden, Ford of 
Europe’s production director, 
says there are few signs of UK 
suppliers taking advantage of 
this. 

Yet in toe UK labour costs 
are about SB to 39 an hour 
compared with $19 in West 
Germany. And labour accounts 
for about 30 per cent of total 
car production costs 

“If the UK industry can’t 
compete when it is paying only 
half the German wage, there 
is no hope,” commented Mr 
Hayden. 

Mr Ray Jewitt, a director in 
toe London office of A. T. 
Kearney, which specialises in 
motor industry consultancy, 
suggests that, in part, toe lade 
of reaction should have been 
expected because managements 
have focussed so long on re- 
trenchment. 

The availability of low-cost 
British labour is only part of 
the competitive story, adds Mr 
Jewitt. Too many UK com- 
ponent companies, particularly 





*•3 


IBC Balance of Trade 
In Vehicle Components 

1.0 fBflIion 


UK share of overseas martests 
In Parts & Accessories 

Vt. GERMANY” 





the small ones, have not 
invested in modern equipment 
Austin Rover’s Andy Barr 
confirms this point: “In spite 
of toe action we have taken to 
reduce our supply base from 
1,200 to 700 companies since 
1982, providing long-term agree- 
ments to give suppliers confi- 
dence in the future, there has 
been a lack of substantial 
investment High UK interest 
rates and concern about the 
future of the UK vehicle 
industry have not encouraged 
Even those smaller companies 
which do have a competitive 
edge, says Mr Jewitt. lack toe 
resources to build export 
contacts. He thinks there is a 
role for Government here. 

“ Hie new Government 
should encourage small and 


medium-sized groups to fonfi 
joint ventures. The Department 
of Trade and Industry should 
see which companies could 
benefit and set up some 
mechanism where companies 
could look for ventures, talk 
to one another. 

But Government officials 
seem to feel that they are 
already doing wbat they can to 
help, particularly by pressing 
Ford and GM to open up their 
continental production to UK 
components and by trying to 
identify those components used 
by other vehicle manufacturers 
which British suppliers might 
now bid for. Lord Young, the 
new Industry Secretary, is un- 
likely to want to go mucti 
farther. 


4 


Sand ia’s new Horizon Class otters yon 
first class scats in business class'. 





I ' « 


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• \ 


I . 

:--Ol 


7 U;i r nr* 

*?»:»* I u»'. 

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\ 111 : !i riU«iy v « w ' J 

Ir--.tr. the 

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* Initially available on London and New York routes. 


-MK / r,i -cr-icr •- -j;t j;;ij n't jl 

HngnmU / T TORiZON 
/I iCLASS^ 


snudin The spirit is alive 


Because we look after 

the pounds, 
the pennies look after 

themselves. 


(Interim dividend up one third to 3.0p) 


First National Finance 
Corporation are pleased to 
announce an interim dividend 
of 3.0p per share for the six 
months ending 30th April 1987. 

This increase is attributable 
to EN.E C3s continuing success 
and increased efficiency. 

Our Consumer Credit 
Division continues to grow, 
contributing substantially to 


Results for 6 months 
to 30th April 

1987 

1986 

Profit before 
taxation 

£22.424.000 

£13 J 74,000 

Taxation 

£3,500,000 

£1142,000 

Preference Dividend 

£1.526.000 

£67,000 

Earnings pershare 

13.1p 

9.6p 

Dividend per 
Ordinary share net 
of tax credit 

3.Qp 

Z25p 


the Groups profitability. 

The Commercial Lending 
Division and the Property 
Division have also contributed 
well to the results. 

The 68% growth in Group 
profits and 36% increase in 
earnings pershare is extremely 
gratifying for us, as well as 

being very good news for 
Shareholders. 



A* 


First National Finance Corpo^^ 9 






Financial Times Tuesday June 30 1987 




rasa this ad? 


Tit 


‘Norcros sutges 
to £5 3m’ 


DAHY TELEGRAPH 


‘Norcfos poised foe 
expansion in US’ 


THE INDEPENDENT 


i • « 




‘Efficiency pays 
at Norcros with a leap 
to £53 m’ 

LONDON DAHY NEWS 


! y' : 

! 


■H. 

. s I 


: . • f 

• : 
i : I 

w 


Notcros’ 


THE TIMES 


1 


‘Norcros investigates 
aquisitions in US’ 

FINANCIAL TIMES 

‘Notctos on target’ 

THE GUARDIAN 

‘Norcros £53 m 


THE STANDARD 


‘Norcros triumphs’ 

YORKSHIRE POST 


‘Norcros 

blockbuster £62 million 
profit forecast’ 

BIRMINGHAM POST 



NORCROS 


Pre-tax profit 
Up 17.8% at £53.2 m 

♦ 

Earnings per share 
Up 31% to 28p 

♦ 

Dividend 

Up29%tol2p 


*3 

m 


'S 


1 

u 

i/> 

1 




We believe we do. 

It’s our intention to keep 
you informed of our progress 
at Norcros and, however good, 
published figures on their own 
can’t tell you the full story 

For instance, a study of our 
1987 Report and Accounts will 
show our strategy continues 
to be focused on two major 
areas: the manufacture and 
distribution of building 
materials, and specialist print 
and packaging products. 

In addition, figures don’t make clear the tremendous 
advances we’ve made in these fields. 

Not only in terms of technical and human skills, but 
above all, in the will to stay ahead. 

For the truth is - well before this year’s results - Norcros 
have been investing very substantially for the future. 

This investment shows in the exciting new products 
we’re introducing into market after market. 

It shows in the cost-saving processes we continue 
to install. 

It shows in the record capital expenditure of £40 
million we’re making this year- every penny coming out 
of operating cash flow 

Most of all, though, it shows in the confidence and 
determination of our management and staff at every level 

Not even the record results of 1986/7 get near showing 
the full measure of that. 


If&i 






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NORCROS GROUP 

^ INDIVIDUAL EXCELLENCE - COMBINED STRENGTH ♦ 

K>r the full story of what’s happening at Norcros, please write for a copy of our Report and Accounts to ITie Secretary Norcros pic, Spencers Wood, Beading, Berks, RG7 INT 


Ra 






Financial Times Tuesday June 3u iso 


UK NEWS 




)BANCD 

aNAPOU 


BA close to decision 
on TriStar replacement 


BY MICHAEL OONNE. ABTOSPACE CORRESPONDENT 

BRITISH AIRWAYS expects to 300-800 and toe Boeing 767. boto 
taicA a decision later a im m w — twin-engined airliners, 

possibly m early August - on a new For king-routes, the choice lies 

SL5bn to S2bn re-equipment pro- between the three-engined McDon- 
gramme to replace its «nrigfrmg neU Douglas MU-11 and toe four- 


ageing 19 Lockheed TriStar jet air- Engine d Airbus A-340, both recently 


T he 1966 operating results rf 
Banco dr Napoli have been 
a pproved by the General 
Meeting Wd under the chwnnanship 
of ProfcsBoc Luigi Coodbfi and cent* 
tied by Price Waterhouse &a* 


revved funds came to Lit 51,785 fcal- 
fen, 17.4% more than in 1965; loans 
and advances amounted to Lit 41 
billion, a rise of 2X2%. 

fJocabie achievements were rtftrf- 
tfed in die field of foreign business 
wtrh foreign currency lending rising to 
44.6% of total lending by die Bank, 
die highest pere e nteg; ever. Banco <£ 
(rrernacional, which was alrea- 
dy held in high esteem, saw is inter- 
nation al standing rise skD further. In 
the war future the Bank's fo re ign nct- 
v*xk will be enlarged by the opening 
of a repres ent ative office in Los Ang> 
Its and a branch in Haig Kong to 
cempfernenr these in New York, Lca> 
don. Frankfurt and Buenos Aires. 

On the earning front, gross opeta-_ 
ring income came to Lit. 497 billion, 
47-4% higher than die 1985 figure of 
l ie. .137 billion? the gross surplus rose 
to Lit. 523 billion. These results were 
achieved after the 1986 allocation of 
Lit. 341 bOEon to the staff pension 
fund. A further allocation of Lit. 245 
hiffin n was made to the fund under 
the programme of e xtraordin ary in- 
creases due was coodudsd in 1986. 


After a pp ropr iat e allocarinas to the 
provision for bad and doubtful debts 
and ocher provisions in accordance 
with the Bank's traditional policy of 
prudence with regard to. the applica- 
tion of funds, the net profit for the 
year came to Lit- 543 billion, compa- 
re! with Lin 17,2 billion in 1985. This 
enables the Bank to pay hddere cf sa- 
vings shares a dividend of IZ% of the 
fox value of their shares, which is in 
Enc wnb mark et expectations. 

During 1986 .die Bank came to the 
capital market with a Lit. 500 billion 
issue cf savings shares, thereby almost 
doubling its net worth to Lie. 1,129 
fcaSictn. 

Banco <£ Napbb established two 
new subsidiary companies in 1986s 
Bohan, a merchant bank, and Inno- 
vate, whofe object e to encourage die 
i n t ro d u c ti on of new technology, espe- 
cially by firms in southern Inly- The 
other compa ni es in the Group were 
strengthened; the Back acquired Bar- 
days Bank's interest in BNB Meridio- 
nals Le asin g and BNB M r rati onale 
Factoring, which thus became wholly 
owned subsidiaries. It increased the ca- 
pital of Sofiban, which mun^gw the 
Muldfondo and RsxSfcodo inve- 
stment funds, to enable the company 
to launch a new product in the pen- 
sions field. Finally, DaritafiaF rorra a pg 
reco rde d im peesatve results in the fidd 
cf advanced data procesong services. 


1986 ACCOUNTS 

MAIN FEATURES OF DEVELOPMENTS TO 
31st DECEMBER 1986 fin billions of lire) 


liners. 

Mr Colin Marshall, cbirf execu- 
tive, said after yesterday’s annual 


bundled for service in toe early 
1980s. 

BA wiO need up to 10 aircraft to 


meeting of the airline in lAnrton . 60611 category, with delivery sought 
that the offers from the nano* 10 1116 ear b r to mid-1990s, 
facturers, inr luffing Airbus Indus- It wotM prefer to sea Holle-Royce 

trie, Boeing ?nff McDonnell Dong- engiTips installed if possible. This 


las, were now coming in. 


should be no problem with lie Boe- 


Over the next few weeks, the air* 167 and McDonnell Douglas 
One would be studying th^ rp to de- ®-Tl, boto of which could use toe 
tail, and it hoped to a ffw** latest BoHs-Hoyce RB-2U-524-D4D 
within a few weeks, although there en 8™ e of more than 58,000 lbs 


PROFIT AND LOSS ACCOUNT 1982 1983 1984 1985 1986 I was no guarantee that thedeciskm torust 


fiJec incenesc income* 


777 942 1.096 1.235 1.491 


Income from trading and services 174 239 310 359 430 


would not slip back a little in time. 

“It is a very complex choice", Mr 
Marshall said, "and we may want to 


It would be more riiffinnit how- 
ever, for toe Airbuses. The A- 
300-600 c u rr en t l y uses US-built 


_ _ p frrify gf t fafl pofo ty marm~ General^ Electric or Pratt & Vlut- 

Overheads and operating expenses 7T8 914 1.076 1.257 1.424 facturers make in their afters." ** *5^?: 

— : BA's TriStars currently fly on “Sf * new Rons-Rpyce for it 

Gross operating income 233 _267_ 330 337 497 bofe tong yd sho rt rootes. and BA 

,* 303 380 ,30 323 g^Lethem. 

For shoot routes, toe dunce lies tionai Aero Engines consortimn to ' 
between toe European Airbus A- which Rolls-Royce has a 30 per cent 


Gross operating income 
Gross surp/Us 
Net profit 
BALANCE SHEET 
Total assets 
Loans and advances 


stake. Bbt toot engine has been 
dropped, and toe A-340 is now com- 
noted to a Franco-US engine, toe 
CFM-58. 

This appears to give toe Boeing 
767 and toe McDonnell Douglas 

M3>U toe edge in the selection bat- 
tles now taking place in toe short 
range and long range areas. 

Mr Marshall maffa it dear fofrt 
BA was expecting Airbus to pro- 
duce some jympU ng i nfriHwiwitii to 
overcome the engine difficulty. 

The TriStar replacement decision 
was toe most immediate re-equip- 
ment problem facing the airline, 
said Mr Mawdmii, fait eventually 
other decisions an new aircraft 
would arise. : 

At some stage, a replacement for 
the existing ageing fleet of 27 short- 
range One-Elevens would have to 
be found, with possibly also a deci- 
sion on a 150-sealer for short routes 
where a larger aircraft was re- 
quired. 

These choices would also be com- 
plex, with such aircraft as the Boe- 
ing 737 twin-engined aircraft; toe 
projected new Boeing 7J7; and the 
Airbus A-320 all in the running. 


26,868 35,931 43.212 50.575 60.430 
14.211 19.952 26.022 33.606 41.062 


Deposits and borrowed funds 21,743 30.031 36,401 44,124 51,785 


Souncfry provisions 

{of which: Funds earmarked for 

the staff) 

Net worth 


916 1.260 1,744 2,235 2,792 


480 614 887 I.2B8 1,672 
505 614 612 622 1.129 


Accountant jailed three years 
for defrauding small investors 


The pension fund of Banco di Napoli is now mnsfetent 
vvflft the needs of tfre instinjta; thanks to fts high earning 
power, the Bank was able successfully to cany out the 
programme of oaraordnary increases ih the ftrict. 


The placement of lit 500 billion of savings Glares on 
the market the first important stage in 
strengthening the Bank's capital base. 



•BANCO 

•NAPOLI 


Public law bank founded in 1539 
Head office: Naples * 

494 branches in Italy 

Foreign branches to New York, Frankfurt. Buenos Aires and London 
Subsidiary: B.N. International Luxembourg 
5 representative offices abroad 



FINANCIAL TIMES REPORTER 

ANDREW WARBURG, a City of 
London businessman, was jailed for 
three years yesterday for a multi- 
million pound swindle which lost 
hundreds of small investors their 
life savings. 

IBs company, which crashed in 
1981, lost investors about £2 J5m, toe 
Cffd Bailey court in London was 
told. Mr Warburg, a chartered ac- 
countant, admitted fraudulent trad- 
ing and false accounting between 
October 1978 and March 198 L 

Mrs Barbara Mills, toe prosecu- 
tion lawyer, said Mr Warburg per- 
suaded the public, including some 
retired Bank of England employees, 
to invest cash for his company, Nor- 
ton Warburg, to manage. 

“By the time toe company col- 
lapsed 409 people had invested with 
to**™ These fcnric of ten either rep- 
resented their life savings or sums 
they had acquired on their retire- 
ment,” Mrs Mills said. 

Warburg set up his business in 


1973 when he was 29, but by Octo- 
ber 1978 he was insolvent 

Until then the company had op- 
erated properly and honestly, Mr 
Vivian Robinson, the defence law- 
yer, told the court The Bank of 
England’s pension section had rec- 
ommended Norton Warburg to its 
retiring employees. 

One of its “substantial” investors 
had been members of the pop group 
Pink Floyd, he said. But in Septem- 
ber 1978 they ended their agree- 
ment and withdrew £860,000. put- 
ting toe company in a “very difficult 
position." 

Mr Warburg continued to operate 
the company for almost three more 
years. 

Mrs MBs said invest o rs received 
quarterly accounts to show their 
funds were intact, "although toe 
element of their portfolio find 
mainly been spent on keeping the 
company afloat" 

Mr Warburg misled toe Bank of 


England about bis company’s true 
position by giving it a fuse balance 
sheet after the 1979 Banking Act 
demanded 8iwt companies Kin» trig 
should be licensed. 

Mr Warburg had not been person- 
ally enriched by toe fraud, the court 
was told. He was now un employ ed. 

Mrs Mills said most of the money 
went on unwise investments or day- 
to-day expenses to keep toe firm go- 
ing. 

When it collapsed. Mr Warburg 
filed for bankruptcy, but went to 
five in Spain in 1982 before toe 
hearing s were complete. He re- 
mained there until 1985 when be in- 
formed British authorities he was 
returning. He was arrested as he 
arrived at London’s Heathrow air- 
port 

Mr Warburg’s victims included 
Mrs Km Knndsen. a widow with a 
deaf and dumb child. She wanted 
cash for her era’s future but tost 
£10,006, the court was told 


Exporters 
attack 
provisions 
for aid 

By Peter Montagnon, 

WmU Ttacte Editor 

INDUSTRIALISTS say they were 
insufficiently consulted in foe pre- 
paration of the House of Commons 
Foreign Affairs Committee s report 
on Britain’s overseas aid policy, is- 
sued last week. 

Exporters are particularly con- 
cerned about toe resenratois con- 
tained in toe report about the so- 
called Aid and Trade Provision 
(AIR w ider which aid is maoe 
available to back commeroal con- 
tracts for projects in developing 

The commit tee found that ATP 
created a conflict of intere st be- 
tween the development objec tives 
of aid and the desire to support par- 
ticular companies seeking export 
orders, ft said ATP should be sepa- 
rated from Britain’s main aid eaort 

fit a strongly-worried attack on its 
conclusions yes t er day, the Export 
Group for foe Constructional Indus- 
tries ■Miri the committee “had 
s ho wn a to uching faith in the com- 
pletely unsubstantiated opinions of 
academics representing the djsored- 
ited school of so-called development 
economics.” 

According to the Export Group, a 
recent study of aid and trade in 
France, whidh had been adopted by 
foe French Government, showed 
that for each Slbn of overseas con- 
struction work performed by 
French companies, 25,750 jobs were 
created and $1.4bn was added to 
France's GNP. 

Describing aid as a “matter of 
mutual interest, not charity,” the 
Export Group noted that all Brit- 
ain's mam trading partners spent 
more on aid than the UK whose pol- 
icy was characterised by an “almost 

unique combination of meanness 
and shortsightedness." 

According to figures published by 
toe Organisation for Economic Co- 
operation and Development yester- 
day, British aid spending last year 
faD to (L32 per cent of GNP from 
0.33 per emit in 1985. France, Ger- 
many and Italy all spend more in 
cash terms than the UK. 

“A good put of it is structured to 
support particular projects as part 
of aid and credit mixed packages. 
Whatever toe development econo- 
mists say, this is what beneficiary 
countrie s want," toe Export Group 

f?riri. 


Urifo 


yottte obliged tolive with it 





It may have seemed like a good idea 
at the time. 

■ But something that beckoned so 
seductively before you purchased it is 
now seen for what it really is. 

A serious mistake. 

Like choosing what appears to be 
the cheapest business machine rather 
than the one that offers long term value 
for money from a company with a reputa- 
tion for reliability and customer service. 

You could, for example, find your- 
self with a machine that spends a large 
part of its working life nor working. 

Or after-sales service yoi* could 
hardly call a service. 

Which is why it pays to take your 
time before you make your choice. 

And why it will pay you to consider 
Konica U-BiX for all your business 
machines, including copiers, facsimile 
machines and office automation systems. 

Because when it comes to reliability, 
Konica U-BiX have an enviable 
reputatioa 

For example, in independent 
research amongst users, our copiers are 
consistently rated as the most reliable on 
the UK market -not merely in terms of 
their design and build quality but also 
because of the support they get from a 
dealer network acknowledged for its 
promptness and professionalism. 

After all, no matter how well built or 
how well designed it may be, a business 
machine can only be truly reliable if it 
has the backing of a really comprehen- 
sive alter sales service. 


. Some manufacturers, for instance 
will offer you a speedy call-out Some 
will offer you engineers who have been 
exceptionally well trained. Others will 
offer you the back-up of large stocks of 
spares. 

There are even a few companies 
wise enough to offer you preventative 
maintenance -just like the regular 
servicing of a cat 

But not every company will giveyou 

of? these things. 

There is one company however that 

will Konica Business Machines. 

We call it our Customer Care 
programme and it’s as crucial a part of 
your purchase as the machine itself 
And a good reason why, before you 
call anyone, you should call Konica first 
Get some more information about us bv 
d i a llin g 100 and asking for FREEFONE 
KONI^-BDLOr fill in the coupon. 

To: Konica Business Machines (UKTLri. ' I 

6 Miles Gray Road, Basildon, Essex SS14 3 AR. I 

Tdl me more about Customer Care. ( 


POSITION: 

COMPANY: 

ADDRESS: 


POSTCODE- 


TELEPHONE: 


L<JaJ 




Financial Times Tuesday June 30 1987 


11 


% c ® ffen wins first 
«rj round in fight 
against merger 

r ;l MICHAEL CASSELL, POLITICAL CORRESPONDENT 


UK NEWS 


DR DAVID OWEN, the Social 
Democratic Party (SDP) leader, last 
night won the opening stage of 
what promises to be a short but bit- 
ter public battle within the SDP to 
prevent a merger with the Liberal 
Party. 

The party's national committee 
voted by 18-13 to back hinn in reject- 
ing intense pressure from within 
his own party and from the Liberals 
to merge and in supporting moves 
to establish new and closer consti- 
tutional ties with their political 
partners. 

SDP members will vote on the is- 
sue next month and Dr Owen and 
his supporters will mount an in- 
tense campaign to combat the argu- 
ment for full and early union with 
the Liberals, which will be put for- 
ward by pro-merger elements with- 
in the party leadership. 

Dr Owen called on the SDFs 
60,000 members to stand up to what 
he described as flagrant attempts 
by the Liberals to bounce his party 
into a merger. Openly angry that 
the issue had been brought to a 
head within weeks of the general 
election, he said the SDP was “not 
prepared to negotiate under ultima- 
tum." 





Am 


Dr Owen: not willing 
to negotiate 

cipate in any necessary, post-ballot 
merger negotiations but would ex- 
pect to go on representing Ply- 
mouth Devonport as a Social Demo- 
crat MP. He said that if the mem- 
bership voted against a merger 
then the SDP would want to forge 
"a deeper, closer, better relation- 
ship with the Liberals, but also a 
clearer one." 


Guidelines 
for radio 
accepted 
by IBA 

By Raymond Snotty 

THE INDEPENDENT Broadcasting 
Authority (IBA) yesterday unveiled 
its bid to remain the regulatory 
body lor commercial radio in the 
UK by accepting Government pro- 
posals that commercial radio 
should be regulated “with a lighter 
touch* 

The authority, which owns and 
nuts commercial radio transmit- 
ters, said in evidence to the Home 
Office it accepted that radio sta- 
tions could in future buy and op- 
erate their own transmitters if they 
wanted to. 

The IBA also accepts proposals 
that in future Britain's commercial 
radio sector should be organised 
under a looser licensing system 
rather than the present award of 
franchises based on detailed con- 
tracts by the IBA. 

It was responding to the discus- 
sion paper on radio which envi- 
sages up to three new national com- 
mercial radio channels and as 
many as 500 local and community 
stations. 

Lord Thomson, chairman of the 
IBA, conceded that there was no 
longer any point in asking for the 
enforcement of standards "that are 
in the real world unenforceable.” 


Murdoch tops Maxwell’s offer 
for Today with late bid 


BY RAYMOND SNODDY 

MR RUPERT MURDOCH, chair- 
man of News International, inter- 
vened dramatically yesterday in the 
battle for ownership of the Today 
newspaper with a last-minute in- 
crease in his bid for the loss-mak- 
ing national daily. 

The bid came as Mr Robert Max- 
well, of Mirror Group Newspapers, 
was finalising the details of an 
agreement to buy the paper. Yester- 
day morning Mr Eddie Sbah, the 
founder of Today, signed an agree- 
ment to transfer bis 10 per cent 
stake to Mr Maxwell in the evept of 
Lonrho selling the colour tabloid. 

Press releases to announce the 
sale were being written when Mr 
Maxwell apparently found out that 
there had been contact during the 


day between Mr Murdoch and the 
Lonhro organisation, which owns 
Today. 

Yesterday afternoon Mr Maxwell 
issued a statement saying be hed 
pulled out of the negotiations. He 
was said to be extremely angry at 
the unexpected turn of events. 

The Mirror proprietor believed he 
had an agreement in principle with 
Lonrho, which saved Today from 
collapse a year ago. Maxwell of- 
fered £t0m for Today and agreed to 
take responsibility tor £30m in loan 
stock. 

Two weeks ago Mr Murdoch had 
talks with Mr Tiny Rowland, chief 
executive of Lonrho, that ended 
abruptly when Mr Maxwell entered 
the fray. 


The original Murdoch ofier in- 
volved a range of payments linked 
to Today’s future success. If Today’s 
circulation had leapt ahead, Mr 
Murdoch would have paid Lonrho 
£40m. News International con- 
firmed last night that it had re- 
opened negotiations with Lonrho. 

News Internationa! already has a 
contract with Today for the colour 
printing of lm copies a week of its 
Sunday newspaper. News of the 
World. 

Today is expected to lose £30m in 
the year to September, but circular 
tk>n - now 330,000 - and advertising 
revenue have been rising and in re- 
cent months losses have been re- 
duced to about CIm a month. 


Alba points to large find for Chevron 


BY LUCY KELLAWAY 

CHEVRON, the US oil company, 
yesterday announced results of a 
successful offshore well which 
could point the way to one of the 
largest finds in the North Sea since 
the 350m barrel Miller field was dis- 
covered in 1983. 

The appraisal well was the third 
to be drilled on the “Alba" prospect 
The results, showing a flow rate of 
9,000 barrels a day - were the first 
to be made public. 

Rumours of excellent results 


from the first two wells hed led to 
heated speculation in the industry 
and the City of London over the size 
of the field, with some estimates of 
recoverable reserves stretching as 
high as 600m barrels. 

Wood Mackenzie, the Edinburgh- 
based stockbroker, said yesterday 
that the latest well gave credence to 
its previous estimate that Alba con- 
tained 250m barrels of oiL 

Chevron said yesterday that 
more work needed to be done to as- 


sess the full potential of the field, 
and an active seismic and drilling 
programme on the field was con- 
tinuing. 

The economics of the prospect 
may be adversely affected fay the 
quality of the oil, which is heavier 
than most North Sea grades, and by 
the unusually complex nature of the 
reservoir. However, Wood Macken- 
zie said that despite these problems 
it was a likely candidate for devel- 
opment 


Rail pension fund’s 
Old Master prints 
fetch £2m at auction 


BY ANTHONY THORNCBOPT 

BRITISH RAIL'S pension fund yes- 
sterday disposed of its collection of 
98 Old Master prints through Sothe- 
by's. the London auction house, for 
£2^48.013. 

Although slightly above expecta- 
tions, the total leaves open the 
question of whether the fund's deci- 
sion to diversify into works of art 
was a sound one in investment 
terms. 

The fund decided to buy works of 
art in 1974 when traditon&l forms of 
investment, such as shares and 
property, were in the doldrums. By 
the time the experiment was ended 
in 1980 £4Qm had been spent on 
about 2,000 works of art, ranging 
from Impressionist pictures to Chi- 
nese ceramics. The sale of the Old 
Master prints was the first large 
dispersaL 

After the sale Mr Maurice Stone- 
frost, the fund’s manager, said: 
"This has been a bit of a dry run for 
us. We will probably be selling a 
large part of our art works when 
the market is right" 

Mr Stonefrost calculated the re- 
turn was 3 per cent above the rise 
in the Retail Price Index over the 
period. In total £841,000 had been 
spent on Old Master prints in six 
years, fifty-two of the lots bad been 
bought at Sotheby’s auctions. 
Sotheby’s had also acted as adviser 


to toe fund, a relationship which at- 
tracted some criticism. 

The top price yesterday was 
£242,000 - including Sotheby’s 10 
per cent buyer’s premium - paid by 
Mr David Tunick, a New York deal- 
er, for The Three Crosses by Rem- 
brandt, generally agreed to be the 
mas terpiece in the collection. The 
price was, however, disappoint- 
ment the print carried a top esti- 
mate of £300,000. 

In contrast , the most modestly- 
priced lots received the greatest ap- 
preciation. Death and Three Nude 
Women , a tiny engraving by Hans 
Beham, which cost toe fund £100 in 
1975, sold for £1,430. 

A typical return was probably the 
five-fold rise in price achieved by St 
Philip by the Master ELS., which 
was bought at Sothebys in 1979 for 
£13,200 and sold there yesterday to 
the dealer Boeroer for £72£00. Bo- 
erner which has shops in Dussel- 
dorf and New York, was the main 
buyer at the sale, spending almost 
Elm. 

The true test of the fund’s buying 
skills will come when more impor- 
tant items, such as The Blue Boy by 
Picasso, which cost £560,000 is 1977 
and a 12th century carved candle- 
foot bought for a high £550,000 in 
1978, appear on the market 
Lex, Page 24 









4 1 

Vi 


It was unreasonable, he added. The anti-merger move, was not 
for the party to be told that it faced an attempt to weaken, separate or 
a straight choice either to merge or fracture the Alliance but he and his 
to separate. Dr Owen also repeated supporters bad wanted a quieter, 
his determination not to play a role low-key examination on toe consti- 
in any new party created by an tution&l options over a longer peri- 
SDP-LiberaJ merger. od of time. 

Denying that his stance repre- In one important concession de- 
sen ted any form of threat, he signed to diffuse accusations that 
added: “I wish it well if it happens, the pro-merger faction within the 
but it is not for me. I have changed SDP leadership was supporting a 
my party once and that is enough, f heavily biased ballot motion. Dr 
am a Social Democrat and will re- Owen and the other four members 
main one." of his parliamentary party agreed 

Dr Owen said he would not parti- to changes in its wording. 


Eli Lilly attacks Opren 
claimants for delays 

BY TONY JACKSON 


[HE OPREN Action Group, repre- 
senting those claiming to have suf- 
ered from the effects of the arthri- 
is drug Opren, was attacked yes* 
erday by the drug's makers for 
iDegedly refusing to provide medi- 
al evidence which could lead to set- 
lenient. 

Eli Lilly, the drug company, said 
he group was responsible for 
innecessary delay in providing es- 
ential medical information on 
nore than 90 per cent of the 1,425 
ases forming the basis of toe pres- 
ent legal proceedings. 

Mr Richard Bailey, managing di- 
ector of Lilly Industries, said: “We 
iave been asking for this informa- 
ion for over two years, and indeed 
t has been the subject of court or- 


feel we have no legal liability in any 
of toe rases, but we have moral re- 
sponsibility in that we marketed 
the drug." 

— Hesaid he thought the claimants 
had been badly advised. “I believe 
that if medical evidence on deserv- 
ing cases had been brought to us on 
an individual basis, there would 
have been settlements. The mass 
actions being sought have been to 
tiie detriment of a number of 
cases." 

Mr Bailey said he had yesterday 
met a representative of the still un- 
identified benefactor who has of- 
fered to give financial help to the 
plaintiffs. 

"I emphasised that Lilly was not 
the obstacle to a fair arid reason- 
able solution of these cases," be 


Mr Bailey conceded that there said, 
were likely to be deserving cases The identity of the helper is ex- 
aznong the plaintiffs. He sai±“We pected to be made known today. 



by our labour staff 


BRITISH RAIL is to privatise its 
Travellers Fare station catering 
subsidiary which made a profit of 
£4fim in the last financial year. 

The National Union of Railway- 
men (NUR) said it received formal 
notification yesterday of BR’s inten- 
tion from July 1 to invite competi- 
tive tenders for 346 Travellers Fare 
outlets at 166 stations. 

News of BR’s move came on the 
opening day of the annual confer- 
ence of the NUR, which represents 


to fee privatised 


most of the 2,000 Travellers Fare 
employees. 

Mr Jimmy Knapp, the NUR gen- 
eral secretary, said BR had put the 
tendering process in the hands of a 
London estate agent The first sites 
would be handed over to contract 
management after September 1. 

Mr Knapp, whose union yester- 
day launched a big anti-privatisa- 
tion campaign, said: "So much for 
the dog-eared British rail sandwich, 
which has suddenly become a great 
attraction." 



NOTTINGHAM: Exchange Arcade 




SAINT-GOBAIN is one of the six 
largest industrial companies in France 
and one of the hundred largest 
companies in the world We are 
amongst the world or European 
leaders in almost every area of our 
business. 


Leading European producer 
and second largest world 
producer of flat glass for the 
building and automobile 
industries. 

Glass production is constantly 
evolving. The latest developments 
indude lighter and stronger glass for 
windscreens and insulated glass for 
buildings. In Europe, one out of every 
two cars is equipped with SAINT- 
GOBAIN glass. 

Leading world producer of 
ductile iron pipes for 
water systems. 

More than a thousand cities in 100 
countries are equipped with our water 
pipes. Witer is carried across the 
whole globe serving both urban areas 
and the countryside. 


Leading European producer 
and second largest world 


producer of insulating 
materials for buildings and 
industry. 

The SA1NT-GOBAIN glass fibre 
process is now used in 24 countries, 
and has helped make thermal and 
soundproofing insulation a major 


industry. We manufacture high 
performance products, adapted to all 
types of building and industry, in eight 
European countries and in the USA, 
where we are the second largest 
producer: 

Leading world producer of 
electrofiised refractories 
for glass-making furnaces. 
Refractory products are used in glass- 
making furnaces and in thermal and 
nuclear power stations. Their primary 
purpose is to retain heat 

Leading European producer 
and second largest world 
producer of fibre 
reinforcements for cars, 
electronics, sports and leisure 
activities. 

The applications for reinforced fibre- 
glass are endless. A combination of 
strength and lightness makes it an 
exceptional material, found in all 
leading industrial sectors. It is used for 
spare parts fin: cars, hulls ofboats, blades 
of helicopters, and printed boards in 
France’s high speed train, the TGVC 

Leading world producer of 

bottles for die perfume and 
pharmaceuticals industries and 
second largest world producer 
ofbotdes. 

SAINT-GOB AIN makes 7 billion 
bottles a yean half of which are 
exported throughout the world. 

13 million bottles and jars are 
produced every day, in more than 


200D designs, all with different colours 
and styles. 

Leading EEC producer of 
paper for packaging. 

For over 50 years we have developed 
pulp and paper in every form and for 
every use. From bags and boxes in 
thousands of styles for packaging to 
top-of-the-range paper for printing. 

Leading French manufacturer 
of roofing tiles and second 
largest worm producer of fibre- 
cement for roofing and pipe 
products. 

Light, resistant and economical, fibre- 
cement products are widely used in 
the construction industry, principally 
for roofing and housing facades. 

A leading European group in 
die building and public works 
industries. 

SAINT-GOBAIN acts as a contractor 
for the construction of hospitals, dams; 
housing ports and motorways as well 
as manufacturing and supplying 
construction materials. We are heavily 
involved in the construction of the 
Channel TunneL 

Leading suppliers ofBritish 
water mains. 

SAINT-GOBAIN is also in Britain. 

In 1985 STANTON PLC (formerly 
Stanton and Staveley limited), the 
largest British supplier of water mamg, 
joined the Group. 

Our business is competition. 


rrrfTtri 

SAINT-GOBAIN 

Compagme de Saint-Gobain, Les Miroirs, Cedex27, 92096 Paris La Defense, France. 
Stanton Pic, PO Box 72, Nottingham NG10 5AA, England. 



I 


Financial Times Tuesday June 30 1987 


UK NEWS 


Labour urged to 
heal splits and 

work for unity 

BY MIC HAEL CA88B 1 , POLITICAL CORRESPONDENT 

A LABOUR PARTY split by inter- for the new chairman of the PLP 
Mlwranglms offered toeonecer- will be announced- The vacancy, 
Sn WtoTet the Tories off the created by the retoe ment from 


INVESTOR PROTECTION IN THE CHANNEL ISLANDS 


Offshore funds seek legal security 


term," Mr Derek Foster, Labour's 
re-elected chief whip (parlia- 
mentary manager) warned yester- 
day. 

Ur Foster, who was returned un- 
opposed to his post by the ParHa- 
mentary Labour Party (PLP), said 
y ester d ay that the Government's 
majority did not m a ke it impregn- 
able and he saw opportunities for 
real and positive achievements by 
Labour in the new parliament 

Emphasising the need for unity 
within Labour's ranks, Mr Fost er 
called for an open dialogue between 
the leadership and the party. 

He said all sections had to work 
together to construct “a l ang ua g e of 
S ofia Kan with strong electoral res- 
onance” 

Mr Foster said the influx of 69 
sew Labour MPs, co mmit ted to 
radical policies and eager to cam- 
paign in parliament and in the 
country would give & subst anti al 
boost to the 160 Labour members 
who were returning to Westmin- 
ster. 

Tomorrow, the result of the ballot 


being contested by four MPS. 

They are Mr Merfyn Rees, the 
former Home Secretary, Mr Bruce 
Miiian, the former Scottish minis- 
ter, Mr Stan Orme, Labour’s energy 
spokesman in the last House of 
Commons, and Mr Max Madden , a 
Twornhw of the hard-left Campaign 
Group. 

Nominations for the 15-member 
parliamentary Committee, from 
which Mr Nell Kinnock, the Labour 
leader, will choose his new shadow 
cabinet, dose on Thursday. 

Mr Kinnock is expected to make 
substantial changes to his front- 
bench line-up, not least because of 
the departure of Mr Denis Healey 
as foreig n affair s spokesman and 
the reported wish of Mr Roy Hafc- 
tersley, the shadow Chancellor of 
the Exchequer, to take another 
portfolio. 

In line for promotion are Mr Bry- 
an Gould, Labour's campaign coor- 
dinator during the election, and Mr 
John Smith, the party’s trade and 

industry spokesman in the last 

parliament 


BY EDWARD OWEN 

OFFSHORE FUND managers in 
lire Channel Islands, the islands off 

the French coast which are British 
sovereign territory, are waiting 
anxiously to see if new investor pro- 
tection legislation being introduced 
in Guernsey and Jersey win prove 
sufficient to enable their products 
to be marketed freely in the UK 
and other EEC countries. 

The islands hope to be recognised 
as offering equivalent investor pro- 
tection to that in Britain and to se- 
cure “designated territory” status 
under the Financial Services Act Zf 
not, each Channel Islands-based 
fund would have to be individually 
approved by the Secretary of State. 
at the Department of Trade or his 
counterpart in other EEC countries 
-a procedure that it is feared would 
be slow and uncertain. 

The rhannrf Islands' au t h or ities 


are particularly keen that nothing 
should hamper the advance of their 
fund business, because this is seen 
as one of the areas in which their 
currently overheated economies 
can continue to grow without put- 
ting undue strain on staff resources 

jind space. 

The total investment in Jersey- 
managed funds rose by 40 per cent 
daring 298546 to £3.5bn and is now 
put at more than Eton. Guernsey's 
figure is unknown, but is thought to 
be not for short of Jersey’s. Nearly 
350 fi ffids are being ran from Jer- 
sey, while Guernsey claims around 
450 - although it is not dear 
whether the islands use the same 
criteria in defining separate funds. 

Whereas a year ago Guernsey 
was receiving one application a 
week to launch new funds, the rate 
is now three or four a week. There 


is a backlog waiting to be pro- 
cessed. 

While British and other expatri- 
ates provide a substantial put of 
the market for Jersey and Guern- 
sey funds, it would be a blow if ob- 
stacles arose to selling the island^ 
products in mainland Britain. 

Guernsey already applied un- 
der Section 130 of the UK Fina ncia l 
Services Act far "designated territo- 
ry” status for its insurance-linked 

investment business, on the 
strength of having introduced a 
co mpre hensive TyiF i ~ rftT|g|> Business 
Law at the beg i nn ing of this year. 

On Wednesday a Protection of In- 
vestors Law closely modelled on 
UK legislation was approved by 
Guernsey’s par liam ent. While this 
enabling law has been widely- 
framed so that it can eventually 
cover various types of investment 


business, it is being applied initially 
to collective investment schemes to 
enable an application to be made 
for “designated ter ritory " status un- 
der Section 87 of the UK Act 
Jersey has approached the prob- 
lem differently by producing legis- 
lation- still to be Lodged with the is- 
land parliament - specifically deal- 
ing with collective investment . 
schemes and life-essurancebased 
invest men t s . I 

Up to now the islands have used 
c on trol of borrowing legislation to 
vet applications far new funds, but 
this has not provided far any con- 
turning supervision. The new laws 
wQl give the authorities supervisory 
powers similar to those in the UK. 

In neither island are any self-re- 
gulatory bodies being set tqxThe su- 
pervision win be entirely in the 
hands of to** authorities. 


Cable TV group signs single union deal 


BY PHILIP BASSETT, LABOUR EDITOR 


LEADERS OF the GMB general 
union have signed a single-union 
deal with a cable television compa- 
ny which is one of the first to in- 
clude equivalent employee provi- 
sions for casual temporary 
workers. This is a growing objective 
of a number of large unions. 

The GMB and the TGWU trans- 
port workers are making strong ef- 
forts to recruit largely non-union 


tem p o r ar y and part-time workers. 
Last month after a year’s negotia- 
tions, the GMB rignpd an agree- 
ment with British Cable Services, a 
cable TV company owned by Mr Ro- 
bert MaxweH 

The deal with the GMBte Matsa 
white-collar section, grants recogni- 
tion to only tire GMB. 

White it stipulates that both rides 


sho uld not take any industrial ac- 
tion while a dispute is in procedure, 
the provisions ot the agreement do 
not constitute a strike-fr ee deal, 

such as those signed by the EETFU 
e le ct rician^ union and recently 
sharply criticised by the GMB. 

The ng repmmt covers about 500 
employees. It provides for all exist- 
ing and new positions to be filled by 
permanent workers, there is 


tm PBirOBHUUICEKttORD KBPS GROWING BMGHTBL 






Ameritech is continuing to chart solid growth. 
Our net income for 1986 was SI.14 billion. 
That's a 5.6% increase over the previous year. 
Earnings per share were up 7.1%. And return 
to equity increased to 14.9%. 

The parent of five Bell telecommunications 
companies and other communications-refated 
subsidiaries, Ameritech's primary markets are 
in the heartland of the United States: Illinois, 
Indiana, Michigan, Ohio and Wisconsin. One 
of the most information-intensive regions in 
the world. 

Ameritech companies are also leaders in 
advanced cellular mobile phone service ; tele- 
phone directory publishing; voice and data 
products and systems; computer software; and 
lease financing. They do business in our five- 


state market area, throughout the US. and 
the world. 

Wfe keep growing because of our ability to 
meet our customers' total information needs . 
Vfe're investing $2 billion annually in new 
technology to strengthen our competitive 
position in every market we serve. 

Fora copy of our annual report call Brussels, 
Belgium (32-2J 512-0040. For more informa- 
tion, write Director-Investor Relations, 
Ameritech, 30 S.\X£cker Dr., R3500, Chicago, 
IL 60606, USA, or call USA 312 750-5353. 


jrsm 


specific agreement to the contrary 
between the company and the 
TTninrt- The onus is on the lynymy 
to demonstrate, according to specif- 
ic, agreed criteria, why a job cannot 
be filled by u permanent employee. 

The fi gw w nw H also 
that temporary and casual workers, 
must be treated no less favourably 
than permanent workers. ' 


Banks resist plans 
to reform export 
finance arrangements 

by peter mohtaqnon, world trade editor 

COMMERCIAL BANKS have told margins which now range up to 1 
the Government that they will re* per cent agreed to 

sist proposals far radically reform- The in detail be- 

ing Britain's m e di um -term export exam ine this a {^ u f 1 f^L herjaee ting 
financing arrangements unless fore middle&f 
they are modified to ensure that the with the banks m . resnonse 

return to tenders is maintain e d . next month, *** *** been that the 
The Government was formally of the Treasury ^01 

notified of the City of London’s op- availability of ^ 

position to tiie new proposals at a re fi nancing should not_^. ._ 
meeting between bairns involved in grounds to prevent it 
ovpiw i. wwiit hnsmtuat and officials fogs on ma r gi n s as well, 
from the Bank of England, Export B an ^ ers say the Govemmentis 
Credits Guarantee Department Mrgn nil to avoid having to bee k- 
(ECGD) and the Treasury. ira ck mi ite new proposals whim 

The proposals, circulated to the ^ ^nrVpHiy more generous to 
banking community earlier this ft,» n an earlier scheme pre- 

summer, mart: a further stage in last year. But they believe 

the Government's efforts to cut the they are in a strong negotiating po- 
cost at subsidising export credits. because the Government 

They call for a cut in interest would face legal difficulties in push- 
margins paid by the Government to fop through a refinancing of exist- 
tending banks and for much of the r*® BXDOrt dit business without 
ECGD’s existing £10bn portfolio of Seir^sent 

medium-term export credits to be . 

refinanced in the securities mar- Under the new Ifoposais a new 
kets to achieve lower costs. set of lending margins would be m- 

A paper presented to the meeting traduced ranging from %*to»per 
on at the >*>»>* by Mr Mi- cent depending on the size, maum- 


tered Bank, argued that the propos- 
als should be modified to ensure 
that toe retain to the banks was 
mafaMnad at its present level, 
even if the refinancing concept was 


MPs attack 
decision on 
ferry inquiry 
immunity 

By Tom Lynch 

TOWNSEND THORESEN, the fer- 
ry operator, came under strong at- 
tack. in the House of Commons yes- 
terday as MPs criticised the Gov- 
ernments decision to grant immu- 
nity from prosecatfan to those in- 
volved in toe sinking of the Herald 
of Free Enterprise outside Zee- 
brugge Harbour. 

Mr Paul Channon, answering 
questions far the first time as 
Transport Secretary, said it was 
1 normal in such circumstances to 
grant immunit y to those giving evi- 
dence at a public inquiry. However, 
1 he said he might review the proce- 
! dure for future cases after the Zee- 
brugge inquiry had reported. 

Mr Richard Stott, Labour’s ship- 
ping spokesman, said the company 
had faded to provide safe working 
conditions or practices and the 
ship's log did not give an accurate 
picture of her draft before leaving 
Zeebrngge. “You have power to deal 
with shipping companies that flout 
these regulations,” he told Mr 
Channon. 

Mr John Hozne-Robertson (La- 
bour) said Townsend Thoresen had 
exposed its crew and passengers to 
"avoidable periL" Mr Robert Adley 
(Conservative) said the public inqui- 
ry “dearly showed that the compa- 
ny let safety be sacrificed for speed, 
and negligence was proven. The 
Civil Aviation Authority would cer- 
tainly have grounded an airline 
that had behaved similarly." 

Mr Channon refused to comme nt 
on the inquiry untO he had seen its 
report, which be expected in about 
a month. He said it might be neces- 
sary to look at the procedures 
again, but that would not be possi- 
ble before the inquiry reported. 

He sa id immunity from proseco* 

! tion was normally granted far fear 
| that prolonged discussion of the evi* 

I dence at a public inquiry could prej- 
udice a fair trial. However, he re- 
1 mimferf MPs that toe inquiry had 
the power to suspend orcanrelthe 
l certificates of individual officers. 

Mr Robert Hughes, Labour’s 
transport spokesman, said it would 
be wrong if one or two officers were 
made to carry toe responsibility for 
what was dearly company policy. 

He said Townsend Thoresen wag 
"riddled from top to bottom with 


Although a minority of banks 
with large amounts of export fi- 
nance on their bodks still have res- 
ervations about refinancing these 
loans in the bond markefy most be- 
lieve tint the savings to the Gov* 
eminent from refinancing would be 
nmch greater than a cut in interest 


vohred. Original tenders wouM re- 
ceive a residual margin of between 
and %s per cent on debt that was _ 
refinanced. 

Bankers say these terms imply a 
return that is insufficient to cover 
the effort involved in preparing fi- 
nancing schemes far the many con- 
tracts which are eventually won by 

other countries. 

If they were imposed, UK export 
credit fimwia would become unfit- 
tractive as a business activity. 


British Gas pic 

Schedule of Maximum Contract Prices 
With effect from 1st July 1987 and until further 
notice: 

The maximum unit charge for firm contract sup- 
plies of gas will be 34.5 p/therm. 

The maximum unit charge for interruptible con- 
tract supplies of gas will continue unchanged at 
30.6p/therm. 

In each case the unit charge represents the maximum 
charge per unit of gas for each type of supply. 

The actual charge per therm for supplies of gas to 
individual customers will be determined by nego- 
tiation and generally may be less than die amount 
stated above. 

This Statement does not apply to charges for the 
supply of back-up gas pursuant to Section 19 (4) of 
the Gas Act 3986. 

Dated the 25th day of June 1987. 


U.S41 25,000,000— SERIES 21 




CELANESE MEXICANA, S.A. | 

(Organised under the laws of the United Mexican States) 

Six Month Notes issued in Series 
under a 

U.SJ$T 25,000,000 
Note Purchase Facility 

Notice is hereby given that (he above Series of Notes issued under a I 
Note Purdiaseftirifily agreement dated October 20k 1981, w# canyon 
interest Rate of 8% per annum. The Maturity Date of the above Series 
erf Notes will be December 31,1 987. 

i^tSoSSjk^l Dept), Issue Agent CITIBANK O -j 


Salinas y Rocha, SJL 

(incorporated in the United Mexican States] 

U.S.S 25,000,000 ' 

Floating Rate Notes Due 1988 

In accordance with the provisions of the Notes and the A™* 

Bank Agreement between Salinas y Rocha. SA- and CritSf 

NA.. dated December 23, 1981. notice is 

Rate of Interest has been fixed at 8>A% p.l tnd that 2 l 

interest payable on the relevant Interest Payment 

December 31, 1987. against Coupon NoTl2 

U.S-S5.000 nominal of the Notes w3l be U.S.S207-&4 pect 

lune 30. 1987. London . ' 

By. Citibank. NA (CSSI Deo tX Avene Rani. C/77HdAkVt 


kiuiuuu *~ * * M M ” I b ;uncjv, 1 w p 4.1/ffWii nn "• 

negligence and disregard for safety j ^B r . CMbanfc. NA (CSSI Dept.). Agent Bank CUIBANM 


procedures.' 


ambocam mfotauAnav recwoLoexs 


THE BEST OF TASTE: 

MIX A BEEFEATER 
MARTIN! 4 


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Take Beefeater Gin and dry \fermoulh in ^ 

a proportion anywhere from 21 to 1 to 5 to 1. 

Pour into an ice cold mixing glass with ice, 
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Cheers! 

Fora recipe leaflet which further demonstrates 




the excellence andyersetflity 9f:3eefe8far(^;^ww#:W^^» ARY**! 
. ' 'why not write to: 


1 



Financial Times Tuesday June 30 1987 


Ma 




A giant performance in defence 


ICL is this country's leading supplier of 
computers and information systems. One of 
the reasons for this is that we have chosen to 
concentrate our expertise in key market areas. 

Defence is one of them. 

We were prime contractor for the Royal 
Navy’s OPCON, a maritime command 
information system for naval officers from the 
Commander-in-Chief Fleet down. 

We have recently been successful in the 
competition to provide the RAF with the 
UKAIR command and control system. This 


will form a vital element in the NATO shield of 
the 1990s. 

Our systems also run the billing and 
ledger applications of the Director-General 
Defence Accounts and pay the wages of the 
Royal Navy, the RAF and all civil servants of 
the Ministry of Defence. 

And all three defence services use ICL 
systems as the backbone of their stores and 
supply operations. 

To make certain that we continue to meet 
the very special needs of defence, we 


have opened a centre dedicated to defence 
systems which includes some of the most 
advanced research and development 
facilities in the United Kingdom. 

This kind of commitment typifies our 
performance in each and every one of our 
chosen markets. The result is a record of 
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to one inescapable conclusion. 

There is no better or 
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FOR MORE INFORMATION DIAL 100 AND ASK FOR FREEFONE ICL ICL IS A MEMBER OF THE STC PLC GROUP 



I 


14 


/ 


MANAGEMENT : Small Business 


Financial Times Tuesday June 30 1987 

EDITED BY CHRISTOPHER L.OBEN2 


IT IS ironic that franchising, 
one of the fastest growing ways 
of doing business in the EC, has 
no formal legal faachipg any- 
where in the community. 

The first step towards ending 
a legal vacuum which has 
created growing practical wor- 
ries for franchisees and fran- 
chisors all over Europe was 
taken in Brussels a few days 
ago. It comes in the form of a 
comprehensive European Com- 
mission draft regulation which 
would exempt most kinds of 
franchising from EC compe- 
tition restrictions. 

Until now. any kind of fran- 
chising has technically been 
contrary to EC rules outlawing 
market sharing or any kind of 
company link-up likely to dis- 
tort free competition. That has 
not exactly restricted growth of 
the franchising industry, which 
has mushroomed since the early 
19705 so that it now embraces 
S5.000 outlets throughout the 
EC. They have a combined turn- 
over of Ecu 33bn, around 10 
per cent of total retail sales. 

However, it has allowed any- 
one who wants to break a 
franchise agreement to cite EC 
law as a weapon, as Pronuptia, 
the Paris-based wedding dress 
retailer, found to its cost last 
year. It tried to sue a West 
German franchisee for unpaid 
royalties only to find that 
the case backfired when the 
franchisee tried to get the con- 
tract declared invalid under EC 
competition regulations. 

In the end, Pronuptia got 
special clearance from the com- 
mission to continue franchising 
in what was the Brussels 
authorities' first — and long over- 
due, according to the industry 
— indication of approval for the 
franchising business. 

But the case nearly drove the 
French company to collapse and 
sent tremors through the EC's 
1,300 franchise networks. It 
implied, among other things, 
that every franchise business 
in the community had to get 
individual clearance from Brus- 
sels if it wanted protection 
from EC anti-cartel laws. 

Eighteen months after the 
Pronuptia ruling, the commis- 
sion now says that it wants to 

f ive franchising overall legal 
acking in recognition of its 
role as a job-creating stimulant 
of small business activity. It 
also argues that tbe industry 
can help to improve distribu- 
tion. far from distorting com- 
petition. 

The new regulation — which 
will be refined in meetings be- 
tween the commission and 
national officials before it is 
finally adopted in the months 
ahead — should make it im- 
possible for Pronuptia-type 
wrangles to happen again. 

It also gives European fran- 
chisors and franchisees guid- 
ance on bow to run their busi- 
nesses in a way that can be 
defended in EC law. While less 



* i WONDEJZ iF THi?Y'UL T/fSTF OF GMYTKiHG 

when -rffeY'Nz: legal. . ,f 


Franchising is 
legal at last 

BY WILLIAM DAWKINS 


comprehensive than the VS 
Federal Trade Commission 
guidelines on how franchisors 
should treat franchisees, it 
comes as an important boon 
to an EC industry that lacks the 
benefit of any specific commu- 
nity or national regulations. 

“Now we know where we 
stand. This means that fran- 
chisors can draft an agreement 
and say that it is solid under 
EC law,” says John Ratliff, a 
Brussels - based franchising 
lawyer with Stanbrook and 
Hooper. 

Tbe scope of the ruling is 
restricted to franchises involv- 
ing the distribution of goods or 
services, but does not extend 
to industrial franchising, where 
a manufacturing process or 
technology is the subject of the 
contract Industrial franchising 
is covered by a separate draft 
regulation which provides 
exemption from competition 
restrictions on know-how licens- 
ing accords and by an existing 
rule giving clearance for patent 
licences. 

What will most gladden the 
franchising industry's heart in 
the 14-page document is specific 
backing for the practice of re- 
stricting franchisees to specific 
geographic territories. The regu- 
lation acknowledges that this 
is fundamental to making fran- 
chising work. 

Clearly, franchisees’ basic 
livelihood would be threatened 
if the strong could poach on 
the territory of the weak, an 
idea which would jeopardise the 


attractiveness of franchising 
as a protected way into business 
for the uninitiated. “The limited 
territorial protection granted to 
franchisees is indispensable to 
protect their investment,” says 
the commission document. 

A key requirement for fran- 
chisors, on the other hand, is 
to be able to oblige franchisees 
to buy tbe franchisors' products, 
known in industry jargon as 
“tying.” The regulation allows 
this when the goods are made 
by the franchisor, and when 
they are not made by the fran- 
chisor it proposes that fran- 
chisees can be obliged to sell 
goods designated by the 
franchisor. Where neither of 
those things can be done, the 
franchisor can lay down 
“objective quality specifications” 
for what is sold in its networks: 

However, this is not quite 
carte blanche for franchisors to 
tell their networks exactly what 
to sell. It only applies when “it 
is necessary to protect the 
franchisor's know-how or to 
maintain the common identity 
and reputation of the franchised 
network,” a key ambiguity in 
the new regulation. 

It gives useful room for 
manoeuvre for franchisees 
dealing with a limited specialist 
product, like members of the 
Yves Rocher cosmetics net- 
work, another business which 
has been given individual clear- 
ance by the commission. 

Its franchisees find it useful, 
for instance, to be able to sell 
products like nail scissors or 


hair brushes that have nothing 
to do with Yves Rocher but 
which still sell well in Yves 
Rocher outlets. However, ex- 
perts expect lawyers will have 
a field day working out just 
where to draw the line on what 
franchisors can impose — and 
that in the meantime the com- 
mission will be flooded with 
inquiries from franchisors 
wanting to know exactly where 
they stand. 

In other respects, the ruling 
gives franchisors wide protec- 
tion. It allows them to force 
franchisees to keep commercial 
secrets (though the franchisee 
can legally challenge fran- 
chisors' intellectual property 
rights) and to prevent fran- 
chisees from setting-up look- 
alike businesses after the end 
of the contract and not to make 
major investments in direct 
competitors. 

The general theme is to allow 
franchisors some protection 
against being exploited by 
people taking up franchises as 
an easy way to get into business, 
and using the knowledge they 
pick up on the way to become 
direct competitors. 

But the commission also 
shows some sympathy for 
franchisees’ rights. The regula- 
tion, for instance, does not 
allow franchisors to fix prices, 
though they can offer price 
guidance. Neither does it stop 
franchisees buying stock from 
each other, a device intended to 
allow outlets to make use of 
lower prices in different 
member states. 

Theoretically, this should 
also help consumers by en- 
couraging even prices for 
franchised goods throughout 
tbe EC so that Yves Rocher 
perfume costs the same in 
Paris and London: a small 
example of the commission’s 
vision. In another piece of 
good news for consumers, the 
regulation insists that fran- 
chised goods must bear guaran- 
tees that will be honoured by 
outlets throughout the EC. 

There are several exemptions 
to the commission’s franchising 
rule. It will not, for instance, 
countenance networks that re- 
strict competition because of 
the “ cumulative effect of 
parallel networks.” Nor does it 
allow agreements that cut out 
customers because of their 
place of residence, a ruling de- 
signed to stop franchise net- 
works from trying to push out 
competitive parallel imports. 

Aware that it might not have 
thought of everything in the 
new regulation, the commission 
has added a gesture to busi- 
nesses that are unsure whether 
or not their franchise contracts 
will be covered by the rules. 
They will be protected so long 
as they notify the commission 
of their plans — and if they get 
no word to the contrary from 
Brussels within six months, 
they can proceed without fear. 


“I AH IN the business of 
continuity, not of tearing up 
old schemes or starting a 
whole raft of new ones. I 
don't want people to think 
that we have beat fidgety in 
altering the old schemes 
before they have had a 
chance to understand them.*’ 

Thus John Cope, Britain’s 
new small firms minister, on 
the way he sees small busi- 
ness policy developing in tbe 
near future. With mu eh evi- 
dence that many small 
businessmen are net aware of 
the wealth of programmes 
that are available to them, 
this approach is welcome. 

It also confirms the move 
away in recent years from 
specific programmes aimed at 
tihe small businessmen to 
more broadly-based initiatives 
aimed at reducing taxes and 
improving the business 
climate. 

So does this mean that die 
new minister will have very 
little to do? Cope says not. The 
range of existing programmes, 
particularly the troubled 
loan guarantee scheme, will 
be kept under review. While 
senior men at Britain’s banks 
have been convinced that the 
guarantee scheme is a good 
thing, most bank managers 
remain sceptical. 

The new minister is also 
keen to develop existing pro- 
grammes aimed at inculcat- 
ing the enterprise spirit in 
the young. “ 1 want to make 
school leavers aware of the 
possibility that they could 
become employers, not neces- 
sarily immediately after leav- 
ing school but after a few 
years.” 

Some of them may even be 
encouraged to set up co-opera- 
tive rather than the conven- 
tionally-organised ”» an busi- 
ness. Conservative ministers 


UK small firms minister 

Continuity offers time 
for measures to work 

BY CHARLES BATCHELOR 


have recently waxed enthu- 
siastic about co-ops — tradition- 
ally seen as a Labour Party 

preserve. 

“ Employee share owner- 
ship is die vehicle the British 
have tended to use as a means 
of broadening ownership of 
companies but tins does not 
mean this will continue to be 
the case.” Cope notes. 

Cope does not believe there 
will be a problem in liaising 
with other government 
ministries over the role of 
small firms in the inner cities. 
The departure of Lord Young 
and Kenneth Clarke to the 
Department of Trade and 
Industry with responsibility 
for the inner city task forces 
had appeared to leave the 
small firms portfolio out on a 
limb. 

But upgrading the small 
firms minister to Minister of 
State status reflects the im- 
portance the government 
attaches to tbe post. Cope 
believes. 

His personal involvement 
in small firms affairs dates 
back to the late 1960s when 
“big was beautiful” and 
government policy was aimed 
at encouraging mergers 
between large companies to 
form even bigger groups like 
British Leyland. 



*.mm ■■ 

John Cope: a lot to do 


It was while working in the 
Conservative Party's research 
department that Cope co- 
authored with Bernard 
Wea ther!il, now Speaker of 
the House of Commons, a 
pamphlet “Acorns to Oaks” 
published in 1969. This was 
two years before publication 
of the Bolton Committee 
Report which triggered the 
current level of interest in 


small firms and whicfaCope 
5ai5h<. likes to tiunk his 
pamphlet helped influence. 

« Wp both thought that one 

£rs-ws 

balance," he says. 

Among the ideas fansched 
in 44 Acorns to Oaks was* 
proposal for a Small Firms 
Service: f of the 
retired managers to. adris* 
small firms; and for 
extra consideration to snail 
firms when a warting govern- 
ment contracts. The 6xst two 
proposals are reality 

while the Ministry of Defenee 
is attempting to ease tender- 
ing by small firms. 

Slnee that time the outlook 
for small businesses has been 
transformed. One issue Which 
is currently attracting atten- 
tion. particularly among aca- 
demics, is methods of spotting 
the winners. Once they have 
been identified, should help go 
only to those with prospects 
for foster growth ? Cope is 
opposed to usdng tougher 
selection criteria. 

« One thing the govern- 
ment can’t do is pick high- 
fliers,” he says. “You have 
to sow the seed and see which 
plants grow the tallest, u 
would worry me ® the 
government or businessmen 
were to target their efforts 
too narrowly.” 

. A chartered acrocnUnt by 
t raining and, until his recent 
appointment, deputy chief 
whip, Cope says be welcomes 
(he opportunity to return to 
his earlv field of Interest. 
Not. be says, that he is en- 
tirely ont of touch; » m 
coming from a sueeial small 
firm called The Whips 
Office.” 


DESPITE THE poor image 
inherited from some of the 
less successful ventures set up 
in the 1970s. co-operatives in 
the UK have a survival rate 
which compares respectably 
with that of conventional small 
businesses, according to an 
Open University study.* 

The sector has grown from 
fewer than 50 worker co-opera- 
tives in 1976 to more than 1,000 
at the beginning of this year; 
about 300 new ones are being 
formed each year. At the same 
time the Government is taking 
an increasing interest in co-ops. 

The latest study suggests an 
average annual failure for co- 
ops of 13 per cent compared 
with a rate of 7 to 11 per cent 
for VAT-registered small busi- 
nesses. The higher co-op failure 
rate is due to the fact that 
co-ops tend to be younger and 
more vulnerable, the study 
says. But even co-ops formed 
to save foundering conventional 


Co-operatives display 
a will to survive 


businesses show an only 
slightly higher rate of failure. 

Tbe researchers have begun 
work on alternative measures 
— other than profitability — to 
gauge the success of co-ops. 
Using ratios based on value- 
added and return on labour they 
found many showed comparable 
performance figures to conven- 
tional businesses, while a 
minority grew substantially 
using their own resources. 

Many co-ops were also suc- 
cessful in pursuing broader 
social goals such as establishing 
alternative health centres and 
keeping prices down to make 
products and services available 
to the poor. 

The report makes 11 recom- 


mendations to help co-ops de- 
velop further. 

It calls for the two main 
organisations supporting co-ops, 
the . self-financing Industrial 
Common Ownership Movement 
and the Government backed 
Co-operative Development 
Agency, to work more closely 
together. 

It also wauls the smaller co- 
operative support organisations, 
which are usually backed by 
local authorities, to establish a 
regional network. This would 
allow them to back larger' co- 
operatives, promote joint ven- 
tures and provide specialised 
training, thereby reducing the 
isolation in which many co-ops 
work. _ . 


Business Opportunities 

READERS ARE RECOMMENDED TO SEEK APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


USSR ENTERPRISE 

SEEKS 

DISTRIBUTOR/JOINT VENTURE DEAL 

Substantial, successful USSR Production Amalgamation 
seeks Distributor or Joint Venture Partner for further 
development of its exports and exploitation of its advanced 
products capabilities. 

Enterprise is the largest of its kind in the USSR for the 
manufacture of large electric machines. These include 
turbogenerators, hydrogenera tors, synchronous and asyn- 
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The generators are in widespread use at nuclear power 
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The motors are in use in cement making, mining and marine 
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The Amalgamation is accustomed to providing all necessary 
technical support, guarantees, installation services etc for 
their products which are installed in over 50 countries. 

A Distributor who is already involved in turnkey projects 
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exciting, profitable arrangement with its USSR partner. 

Please unite lor further details to Box F7492, Financial 
Times, 10 Cannon Street; London EGfP 4BY. 


OPPORTUNITY KNOCKS 

Spare capacity on Heidelberg four colour press 
520 X 360mm with computerised inking end Alcolor 
dampening. Prints to highest standard at prices very 
competitive with larger machines. Why pay more? 
idea! for brochures, leaflets, newsletters, company 
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Full back up service and London office. 

Contact John Howe, 

Graphic Print, Springwater House, Taffs Well Cardiff. 
Tel: 0222 - 810940 or Fax 0222 - 810962. 


I am a TOP INTERNATIONAL SALES AND MARKETING 
ENTREPRENEUR with excellent connections at senior 
government and business levels worldwide. 

I shall soon be free to take on a new project If you have 
an interesting product or service which you wish to sell 
worlaunde or even m a limited number of markets I should 
like to talk to you. AU replies will be treated fn the strictest 
confidence and should be sent to: 

Box F7477, Financial Times 
10 Cannon Street, London EC4P 4BY 


. 

insulation panel 
manufacturer 

BASED in NORTH WEST 

Corporate partner sought for 

company manufacturing interior-use 
panels considered unique end 
technically superior to the 
Competition. Sum required will 
be in excess of £250,000 

Intarastod parries please contact: 

Mr GluckUcb or Mr Keane 

On 01-935 2731 

BIAS 

INTERNATIONAL 

CONSULTANTS 

Turkey specialist: 

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Banking, textiles, defence 
industries and major public 
projects 

Tel: Paris Office 

BIO 33 1 4768 5636 




Semi-retire or invert in booming 

TENERIFE 

EUROPE'S NEW SUBTROPICAL PLAYGROUND 

s largely English-language tax haven/ Bara opportunity offered for psrsonal 
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Tenerife 79-21-35 


STOCKBROKING 


ised research, fund management, and corporate finance. 
We would be interested from bearing from stockbrab 
entrepreneurs who would like to join us. Please write 
the Senior Partner: 

Box F7489, Financial Times 
10 Cannon Street, London EC4P 4BY 


Software Engineering Development 

Cambridge software company with excellent development 
team has successful launched its first products aimed at 
the professional software writer. Initially in the UNIX 
markets and now seeks association with another Company 
with complementary interests to take advantage of shared 
marketing/overhead costs, or joint ventures. Any form of 
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Reply to Box F7489, Financial Times 
10 Cannon Street, London EC4P 4BY 


A RAPIDLY EXPANDING PLC 

IS LOOKING TO PURCHASE 

EXISTING LEASING PORTFOLIOS 

ANY SIZE AND AMOUNT CONSIDERED 

Write Box F7493, Financial Times 
10 Cannon Street, London EC4P 4BY 


MERGER OPPORTUNITY 

DESIGN AND REPROGRAPHICS BUSINESS 
£$m t/o 

Established Southern based Company invites discussions 
leading to more dynamic expansion in high growth markets, 
strong FMCG and other blue-chip clientele. 

Principals only write to: 

Financial Advisors, Box F7490, Financial Times 
10 Cannon Street, London EC4P 4BY 


PATENTS WANTED 

Valid but "worthless” patents, mainly in mechanical engineering 
but all things considered, wanted by private collector 
Valid for North America, UK and North Europe 
Principals only reply to Box F7491 
Financial Times, 10 Cannon St, London EC4P 4 BY 


MARKETING, SALES AND PROMOTION 

An ambitious private company operating in the field of 39 1 as promotion 
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inis rested In co-operation or e merger with 9 major group to achieve e 
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Raplics to Bos F748S. Financial Timas 
to Cannon Street. London EC 4P 4BY 


Export Finance House Facilities! 

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on 493 1969 


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Medium-sized 
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YORKSHIRE 

NORTH-EAST COMMERCIAL 
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PORTFOLIOS REQUIRED 
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Reply siring lull details to: 

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for further information 



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service that includes: 

Corporate Finance Marketing 
Advertising- Planning 4 Rea Barth 
and Credit Management 
_J Tel: 01-402 3907 or write to: 

Barry Edwards ft Associates 

18 Stanhope Terrace 
■* London VY2 2TU 


FAST GROWING 
MARKETING SERVICES 
COMPANY 

SEEKS MERGER 
OPPORTUNITY 

Reply Bos FJdJB. Financial Times 
— j 10 Cannon St, London EC 4P 4BY 

FINANCE FOR EXPORTS 
IMPORTS ft UK TRADE 

BACK TO BACK LETTERS 

OF CREDIT 

Suited to your requirements 

ELKA FINANCE LTD 

8/14 Orsman Rd. London N1 5QJ 

Tel: 01-729 0405 - Telex: 288800 

- 

SPECIALIST TRANSPORT 
COMPANY 

FAST GROWING SE HERTS 
TURNOVER ESOOk 

Invites participation with view to 
LOCATING/FLINDJNG NEW 
WAREHOUSE OF AT LEAST 

20.000 SQ FT 

Reply Box F146B. Financial Times 

JO Cannon St. London EC4P 4BY 


DISPOSABLE 

BABY DIAPERS 

New production company coming 
on arream ( n three months seeks 
organisation or individual to market 
pan or all of output. All proposals 
conaldered. especially from those 
with existing connections ana7or 
direct buyer power 

Write Box F74B1. Financial Timas 

JO Cannon Sc. London EC4F 4BY 


CAPITAL AVAILABLE r 

for Investment in businesses 
seeking to expand or start-up 
' Funds available for many 
propositions 

For full details contact.' 

VCR, 20 Baldwin St, Bristol 1 

TH: (0272) 272250 

• 

ENGINEER 

WITH CAPITAL 
and extensive experience In com- 
putor aided engineering, computers 
and management seeks active par- 
ticipation In expanding business. 
Partnership for new venture con- 
side rod. Wrlto Box F748B. financial 
EcSpWy C " nn0n Slrtot ' Loudon 


TRAINER REQUIRES 

OwnerC*) for young Chaser 
with very good winning form 

A high Class prospect for the 
coming months. 

Tels (056 866) 253 


PARTNER 

(Company established K years) 
IN LEGAL SERVICES FIELD 
REQUIRES PARTNER WITH 
CAPITAL AND ENTHUSIAM 
To acquire equity share and be 
involved in all aspects of the 
Company Business. 

„ p l*asa applp Box F7 483 
Financial Times, 10 Cannon Street 
London EC4 P 4BY 


FREE NEWSPAPER 
TITLE 

for sale 

Wnfe Box F747B. Financial Times 
TO Cannon St. London EC4P 4BY 


LEASING finance 
receivables purchased 

URGENTLY REQUIRED 
Leased assets/receivables, HP 
Debtors, Credit Sale Agreements 
Please call: 

FINANCIAL LEASING SERVICES LTD 
Fax: 01-626 8907 FLS 


SEL %J|T SOUTHERN CAUPORNi 
PROPERTIES AVAILABLE 

Cholc/Tf ^^T^Tr , 

appreciation ulus 
,rom 


management consults 

teS *•» VS w»l be at the j. ofl 

rt2!*i?2. PBr 5 Laft » from July 
“ ‘jj* 11, 8 and available to dfa 
ma naging pro/eete in the US 
_ (Presentation of Business 
Op port unity, evaluate Potontl 
Soeciai Projects 1 
for an oppo,ntmane call arw/J*! 
■an-. “ message lor: 

F*™* 8 Theodore 01-493 8M 


SUBCONTRACT AS 

Modem well aquloaati a 
Sub-contract Aseem! 
ENGINEERING PRQC 

Fat: 01-561 29f» 


Company idling r 

HIGH-TECH ELE 
MECHANICAL EQL 

(unit values £2.000 to 
to film manufacturing/ 
industry worldwide 
PARTNER/INVES 
... . _ nxgensioi 

Write Bon F74BT. Hnmn 
10 Cannon St. London 


With 


Writ 

IOC 


& 


The restrictions on banks and 
others on lending to co-ops 
should be reviewed, the report 
urges. Co-ops currently rely on 
public sources of funds; this 
tends to restrict the size to 
which They can grow. 

The promotion of co-ops 
should be targeted more 
energetically at social groups 
and movements with values 
which might favour them as 
well as at disadvantaged 
groups, the report says. 

It also calls for improved 
management training for co-ops, 
and urges that small firm train- 
ing programmes should be 
adapted to give them a co- 
operative slant. 

•Creating Successful Co-op- 
erative Business: A summary 
report by Chris Com forth, and 
others. The ' - Cooperatives 
Research Unit, Open Univer- 
sity, Walton Hall Milton 
Keynes, MK7 6AA. 18 pages £2. 
A more detailed report will be 
published later, this year. 



■/ 


: v* 












COMMERCIAL MORTGAGES 

*™ugh Exclusive 
Facility. Audited accounts 
unnecessary for esubltabed 
companies (1 yr min netting) 

. Tel; 0272 743710/743535 

•JgMjUFFE ASSOCIATES 
CORPORATC f USANCE ltd 
S 2c Whitnladlns Road 
Bristol BS8 2QN 


Businesses for Sale 


A 


M B 




WAITED 


Definitely Alive - Capital Reward 

Are you the owner of a well managed manufacturing 
company with a good profit record which has now readied at 
least £150,000 per annum? Are you looking to continne to run 
your company and expand it further but are unsure about USM. 
BES or what? 

We are an expanding public c om p any in the manufacturing 
sector still snail enough to have for of its 

subsidiaries. We offer you a capital reward far bringing us yoar 
company; the environment for arfiiwingynnr plawnArf expansion; 
and further rewards for achieving it 

Please write to os now in complete AS replies 

wiD be forwarded to ns unopened from; 






BennelteCoinh6BennfiWw Tlill ) Knw»»v*»»w»iTO g-WT'. 


Heating/engineering 
businesses wanted 

" Opportunity to joia the largest employee owned 
manofac taring company in tin 0.1." 

Bax! Partnership Limited, an amployee owned company with an 
annuel turnover of E60m specialising in the gas central heating 
nerket. wishes to expand by acquisition Into related engineering fields 


market, wishes to expand by acquisition into related engineering Qaida 
Companies with established products and turnovers up to £B0m, 
and who may be interested in becoming pan of the Baxl Partnership, 
are invited to contact, in Strict confidence: 


Mr M. Crouch, Financial Director 
Baxi Partnership Limned. Brown edge Road 
Bamber Bridge, Preston RP5 6SN 


EQUIPMENT LEASING 

Leasing companies or portfolios with receivables of £2m+ 
required by UK subsidiary of major multt-natiooal Group 
Please reply in strictest confidence to: 

Tony Nelson, Managing Director 
McDonnell Douglas Finance Corporation limited 
11 Hill Street, London W1X 7FB 
Tel: 01-629 0155 


WANT TO ACQUIRE 
SMALL STOCK BROKERAGE FIRM 

Our client wishes to acquire a small operating 
member firm of the London Stock Exchange. 

Please reply immediately in strictest confidence toe 
Box H2224, Financial Times 
10 Cannon Street, London ECSP4BY 


Tool and Equipment Hire 

We are a nationally based plant hire company 
wishing to diversify into tool and equipment tare 
by acquisition. Principals with businesses m tins 
sector who wish to consider sale should reply m 
strict confidence to: 

Bo* H22X0, Financial Times 
10 Gannon Street, London EC4P 4BY 


STAINLESS STEEL STOCKHOLDING/ 

manufactuwng/processing 
BUSINESS REQUIRED 

5SS? JS"S. W JSSL to co= * SaxS£ 

ment ^^ssssssi assffssr 


D.I.Y- SUPPLIERS WANTED 

A company wishes tosepulne 

manufacture i and/or MWMMfjagJgj Waives? ^ e subsidiary compel nr|# 
gff c^rSrtvwffi companies Which would l.fc. to Jofn ond operate 
within a now *w de*a«a autllnhtg im In market activities and 


Wanted to Acquire 

SMALL BROKERAGE FIRM 

OjyjLfRLd-' a shell or operating 

«2SS — FIMBBA " timt " 

deal in securities- reply, in confidence, to: 

Km 

10 Cannon Street London EC*r vs x 


(SSoMER PRODUCTS^ERVICES 
TjONDON AND SOUTH 


electronic 

SECURITY 

gkstt smbs 

aSuWIUm would mcludo promo 

^Principal* only W- 
OnJ Sail. Financial Times . _ 
K) Cannon Strain. London CMP 48V 


FIELD 

RUCTION 

acqui*i^ on 

CUD* 


PLC. . 
ily. with 
manly in 
ngland. 

ion Street 



eisure 


FOR SALE 

AN EXCEPTIONAL MARINA, LEISURE 
AND HOUSING DEVELOPMENT ON THE 
WEST COAST OF SCOTLAND. 

IDYLLIC SETTING 20 MILES SOUTH OF OBAN 
200 BERTH OPERATIONAL MARINA. EXTENSIVE 
AREAS OF LAND WITH PLANNING CONSENT 
FOR ABOUT 150 HOUSES AND AN HOTEL. 

On the instructions of R. E. Adkins & A. W.T. White, 
Grant Thornton — Joint Liquidators, 

All Seasons Craobh Haven (in Liquidation). 

LAND HOLDING ALREADY PARTIALLY 
DEVELOPED WITH CHARACTER PUB, 2 SHOPS, 
SELF CATERING COTTAGES AND ABOUT 30 
HOUSES, SAILING SCHOOL, BOAT YARD, 
CHANDLERY ETC ALREADY ESTABLISHED. 
ALL UNDER SEPARATE OWNERSHIP. 

APPLY GLASGOW OFFICE 




• For Sale as 1 
a Going Concern 

Established retail confectionery tobacco and 
newsagency business trading from seven 
leasehold locations in the V\fest Country 

• Turnover £2.0 million p.a. 

• Fully staffed and trading profitably 

• Promising potential 

Offers are invited for the assets and undertaking. 
For further details please contact: 

•Jack Lewis, 

Arthur Young, Rroomsgate House, 
Rupert Street, Bristol BS12QH. 

Tel: 0272290809 

A Fax: 0272260162 (Groups 2 &3) 
Telex: 449377 AYBR 

Arthur Ybtung 


A MEMBER OF ARTHUR YOUNG INTERNATIONAL 


SOUTH OF ENGLAND U WALES 
•' ■ EXETER 0392.51571 ' 


SOUTH Sc EAST ENGLAND 
WORTHING 0903 2068-D 


NORTH OF ENGLAND i SCOTLAND 
GLASGOW 041 332 9200 



LEISURE 


l : OK SALE 

ONE OF THE M,\|OR HOLIDAY PARKS IN 
: . THE UNITED KINGDOM 

Presenting All idt'j] opportunity for a Corporate 
'Entrant to the Leisure Industry, 

Bordering the' Lake District with easy access to Ms. 
132 ACRES - WITH 90 ACRES ONLY DEVELOPED. 

$6 Chalets, 420 Static. Pitches, 600 Touring Pitches; 
50 Residential Pitches. 

Pools, Bars, Clubs, Shopping Mall etc all 
refurbished in 19S2 S3. 

.FURTHER DEVELOPMENT PLANS IN PLACE TO 
DRAMATICALLY INCREASE DAY VISITOR 
NUMBERS AND LENGTHEN THE SEASON. 
Substantial 1 urn, over — Management Team in place. 


HE QUINCE V HOUSE. 48 WEST REGENT STREET, 
GLASGOW C2 2KA. TE-L, 041 -312 9200 


WELL ESTABU5HED FAMILY BUSINESS FOR -SALE 
DUE TO RETIREMENT 

Consisting of spacious freehold end leasehold garage premises, 
situated in busy West L ancashire seaside town centre currently 
operating as a Car, Van and Truck rental outlet (75 vehicles) 
and general garage taking In excess of £250,000 per annum with 
room for scope. Premises recently valued at £175,000. Buyer to 
purchase commercial vehicle stock at valuation which consists 
of new and very late Fords — Mercedes — British Ley lands. 

Price 050,000 

In addition, or as saparate lots, the second arm to the family 
business, established 16 years, a licensed taxi operation having 
90 radio-controlled cabs earning fixed rentals from own and 
owner-driver vehicles and property rentals in excess of 0500 
per week and having two valuable freehold premises situated 
next to a proposed multi-national supermarket site. 
Properties valued recently at £100,000. 

Price £350,000 

Present excellent management (12 yean) to my if required. 
Preference given to buyer of whole. 

Principals only phrase write to Boa HZ197 
Financial Timas, 10 Cannon Street, London £C4P 4BY 


ladies Fashion 
Fabric Manufacturer 

Business and Assets for Sale as a Going Concern. 

* Based in Sttsdan, Nr. Keighley, Weal YbrksiitoR New 
Close Mills (Sllsden) Ltd, trades as a manufacturer of 
ladies fashion fabric. 

* Customers are mainly merchants and retailers of 
fashion fabric, based in London. Outstanding order 
book of approximately £ 200 , 000 . 

* Factory unit of approximately 34,500 sq.ft cm a 
freehold site of lAacres. 

* Turnover in excess of £1 million with a skilled 
workforce of GO. 

* Net book value of freehold property, plant and 
mach inery, fixtures and fittings Is approximately 
£ 200 , 000 . 

Ftir further dafadta please contact 

Michael Horn, Joint AdmfnSstratiuB Recehrar, 

Robson Rhodes, Chartered Account ants , 


Leeds LSI 30Q. 

Telephone: 0532 45SB3L Rwc 0532 452823 

ROBSON RHODES 


Oakengates Foundry 
Limited 

(In receivership) 

Opportunity to acquire established business of 
malleable founders based in Telford, convenient 
to motorway network. 

* Dual semi automatic moulding line 

* Twin cold blast cupolas and holding 
furnace 

* Complete facility for specialist heat 
treatment 

* Forecast turnover of £l-2m per annum 

* Strong order book 

* Leasehold site of approximately 8 acres 

Assets available include leasehold property, 
plant and machinery, stocks and work-in-progress. 

Interested perries should 
contact the Joint 
Administrative Receivers; 

_ . _ John F. P owell and 

Cork Gully 

J Blrmfngtnm B2 SJT 
Tel: 021-236 MW 
Telex: 337832 


RETAILER OF HI-HDEUTY 
OTHER MUSICAL EQUIPMENT 

We wish to dispose of our retail division comprising leasehold 
shops located in the Midlands and North of England. 
Substantial tax losses nay be avaifabfe and an immediate transaction 
can be organised. 

For further Information please write m But jjKBRJ 
Financial Times, TO Cannon St. London SC 4P 4BY 


SOFTWARE HOUSE — FOR SALE 

Proven products — Lucrative Support Contracts 
Successful Software Houso operating in a niche market. We have a very 
loyal, technically skilled and experienced staff: established packago 
products; and e solid user base with lucrative maintenance Bnd 
support contracts. Offers are invited, from principals only who 
understand Investment In high technology 
Write Bos H22T3L Financial Times 
10 Cannon Street. London EC4P 48V 


PRINTING BUSINESS FOR SALE 

Well equipped old established general printers situated in Wen 
oF England with freehold premises and turnover of about £800.000. 
Would suit a society or institution wishing to have its own 
printing works. 

Col eb rook, Evans and McKenzie, 

5 Quality Court, Chancery Lane, London WC2A 1HP. 


WHITE GOODS DISTRIBUTOR 

FOR SALE DUE TO GROUP RATIONALISATION 

★ SALES CIRCA £8 MILLION 

★ ALL MAJOR MANUFACTURERS 

★ REFURBISHMENT OF RETURNS 

★ NATIONWIDE BRANCH NETWORK 

For further details (principals only) reply to Bos H22D9 
Financial Times. 10 Cannon St, London EC4P 4BY 


FOR SALE 

ARCHITECTURAL 



awfioncdse'sbasmcstf 


WUhel 
jguton 
Dial 100 
Epeefime 



ERNEST WILSON ‘THE BUSINESS SPECIALISTS' 

WITH THE EXCLUSIVE SERVICE FOR YOUR 
ASSURANCE A SAFEGUARD 
LUXURIOUSLY APPOINTED HOTB. A RESTAURANT 

Situated within easy reach of major West Riding towns yet only minutes 
from famous rural locations. Set in approx S acres or land this Freehold 
concern briefly comprises: magnificent, newly renovated Restaurant to 
accommodate 80 dinars with ease. B Intro /Tnvemn with bar area. Attractive 
indoor garden bar offering comfortable, elry surroundings. 26 ELEGANTLY 
FURNISHED bedrooms end 2 guest sums, residents lounge In typical 
'antique decor*. The huge licensed Banquet Hall accommodates SO people 
for Weddings. Private Functions, etc — equipped with fully fitted lounge 
bar. The public bar boasts elegant surroundings. 

A UNIQUE CONCERN COMPLEMENTED BY ANNUAL TAKINGS OF £750,00 0 
ENJOYING HANDSOME PROFITS - YET STILL ALLOWING 'ACRES 
OF SPACE' FOR FURTHER DEVELOPMENT 
BUSINESS & PROPERTY E99GJXX) - GENUINE ENQUIRIES INVITED HT201 
TEL: 0274 390486/721580 


Business Wanted 


YOUNG CLOSED PLC 
WISHES TO ACQUIRE 
COACH COMPANY, TRAVEL 
AGENT, HOTEL, CAR HIRE 
COMPANY 

In UK. Southern Ireland and! 
West Germany. 

Write Bos H21B2. Financial Thnas 
10 Cannon Sc, London EC4P 4BY 


PROPERTY 

COMPANIES 

WANTED 

trading or holding 
100.000-10,000,000 
Agents retained 

Write Sax H3S01, Financial Timas. 
10 Cannon Street. London EC4P 4BY 


ABTA / IATA 

travel agency 

REQUIRED 

Plaau reply to: 

Box H2SD3. Financial Times 
fD Cannon St. London EC4P 4BY 




rrf_ Rnz <=>0280. Financial Times 

meet 


Fast-expanding, seeks to 
acquire companies in same 
field. T/O £50.060 to £1 million 

Write Bo a H2213. Financial Times 
J0 Cannon Street, London EC4P 48T 


WISH TO PURCHASE 
BUILDERS’/TIMBER 
MERCHANTS 
With turnover between 
£05m and £I0m 
any rea considered 
Write Box H21D0, Financial Timas 
10 Cannon St, London EUP 4 BY 


WANTED 

IATA TRAVEL AGENCY 

with a minimum of 10 years' 
profitable history fwffli s profit 
range of about £ 100.000 pc) la 
required by an Industrial Group 
wishing to diversify. Existing 
management will be retained 
Location: London A Home Counties 
Please reply At confidence to: 
Sox H2212. Financial Timas 
TO Cernion St. London EC4P 4BY 


WELL KNOWN 
COMPANY 

In growth through 
acquisition seeks product 
rationalisation by sale of 
INDUSTRIAL RACKING 
BUSINESS 

Sales/Manufacturer t/o £LQm 

Write Box H22M. Financial Times 
JO Cannon St. London EC4P 4BY 


CAR SALES PREMISES 


Extremely successful and highly profitable business for sale in the 
West Midlands. Premises allow for over 200 cars to be displayed 
in a prime position on a busy High Street. The freehold site 
includes a modern showroom and large garage, together with work- 
shop facilities. Annual T/O in excess of £4m. 

Principals only should apply for full details to: 

C.TXL LTD, 25 Berkley Square, Mayfair, London, W1 


GEAR MANUFACTURERS 

Well respected Gear and Transmission .Engineers for sale 
in West London 

Turnover £225,000 including export 
Leasehold premises comprising workshop, offices and storage 
with 10 years to run also Included. Present owners are nearing 
retirement btzt would consider continuing as managers for 
period after sale if requested. 

Principals only should write to: 

Box H1469, Financial Times 
20 Cannon Street, London EC4P 4BY 


LITHOGRAPHIC PRIHTIHG 

ESTABLISHED AND WELL LOCATED 
GENERAL PRINTING COMPANY 
WITH BLUE CMP CLIENT LIST FOR SALE 
North London outskirts dose to M2S. 

Modern plant with 4 and 2-colour presses up to 5RAT. 

Full finishing and platemaking. Profitable turnover of £1.6 million. 
Also sales potential for mini/fuli web. 

Principals only should reply to Box H22O0 
Financial Timas. TO Cannon Street. London EC4P 4BY 


TELECOMMUNICATIONS 
BUSINESS OPPORTUNITY 

Small company with fully developed, B.A.B.T. approved, unique 
telephone product seeks merger or takeover by mature organisation 
with manufacturing capadty and marketing outlets. Alternatively, 
sale of Inventory and intellectual property rights would be 
considered. Full technical support offered as part of package. 

Principals only please to Box HZtfT 
Financial Times, to Csmton Street. London £C4P 4 BY 


ESTABLISHED SKI /OUTERWEAR IMPORTER 
WITH FAMOUS BRAND NAME 

FOR SALE 

OF INTEREST TO PLC 

Turnover 1S87 £0Jm — 19GB £U0m-f- projected. 

For further details contact: 

CROXLEY SECURITIES 

14 Lloyd Street. Manchester M2 5ND — Tel: 061-834 0308 
Fax: 061-832 4026 


FOR SALE 

NURSING A DOMESTIC 
AGENCY 
Ten-year record of 
uninterrupted growth. 
Directors wish to retire 
Pre-tax forecast 1987/8 
^ £200-000 plus. Offere around 
£3m In cash, or U/W quoted 
paper. NO AGENTS 
Write Box H2218. Financial Timas 
ID Cannon Sr, London EC4P ear 


RARE OPPORTUNITY 
TO PURCHASE 

Successful marine company wttb 
range of two high quality motor 
sailers. Office and marine berth, 
lease on Hambls river. For sale 
as going concern - Contact: 
Steadfast Yachts Ltd. 
(04895) 6530 


FOR SALE 




COMPANY 

T/O £460,000 
Weil equipped, leasehold 
premises. Long established. 
Telephone: 0245 261775 


FOR SALE 

EXPANDING 
VEHICLE HIRE BUSINESS 

Situated in North Humberside 
Net annual profits, before 
directors remuneration package, 
of £150,000 on turnover of 
£400,000. 

GOOD CONTRACTS 

Fleet of 110 vehicles 

OFFERS REQUIRED 
Principals only reply to: 

Box H2222. Financial Times 
10 Cannon St. London EC4P 4BY 


BUSINESS FOR SALE 
A Small Private 

MANUFACTURING COMPANY 

For Sale due to unexpected 
early retirement. 

Tba company is located within 
commuting distance of Manchester, 
occupying own freehold 6.000 sq ft 
Factory. The company is in a 
"medium tech" industry end has 
recently bean re-equipped with raw 
hi-tech production machinery. The 
company hue its own product 
range, a broad customer base and 
is vary profitable. 

£250,000 

Principals only reply to: 

Box H230S. Financial Timas 
JO Cannon St. London £C4P 4BY 


FOR SALE 

PROFITABLE ENGINEERING 

COMPANY 

Old established small general 
and mechanical engineers and 
engineers' supplies company in 
the Chester area. 

Write to Accountants: 

Morris & Co 

Chartered Accountants 
t Heritage Court, Lower Bridge St 
Chester CHI TRD 


NEWSAGENTS 
Retail sbop/wboJesale 
business based in London, 
West End 

Turnover £880,000 per 
annum — high margins, 
reasonable outgoings 
£560,000 

Apply Box M2T88. Financial Times 
JO Cannon St. London EC4P 4BY 


CADCAM COMPANY 
SEEKS TIE-UP WITH AN 
INDUSTRIAL PARTNER 
Who can introduce increased 
Marketing Capability. 
Please reply to: 

Box H2202, Financial Timas 
1 0 Cannon St. London EC4P 4BY 


I a v M J 1 3 3,11. [«* — 


COMPANY 

£Im T/O. Good expansion and 
profit record. Own freehold 
property and substantial liquid 
assets. Price by negotiation. 
Write Sox H220S. Financial Times 
TO Cannon St. London EC4P 4 BY 


FOR SALE 

CIVIL ENGINEERING 
CONTRACTORS 
West of Scotland 
Turnover circa £lm. 
Owner retiring 
Reply Box H2207. Financial Times 
10 Cannon St. London EC4P 4 BY 


FOR SALE 

SPORTS/LEISURE INDUSTRY 

Company marketing specialised 
product for all active sports. Marker 
tea tad and provan. World selling 
and manufacturing rights owned 
Tremendous potential to p-irohaser 
with financial strength & marketing 
expertise. Outright purchase or 
participation considered 
Write Box H220B. Financial Times 
JO Cannon St. London EC4P 4BY 


RULING STATION/ 
RESTAURANT COMPLEX 
Situated West Country arterial 
read. Fuel sales 705,000 gallons. 
Freehold price £265,000 
HUMBERTS Yeovil Office 
0935 77277 




Business Services 


FOR 5 ALE 
SMALL COMPANY 
MARKETING IN 
LIFTING TACKLE ETC 

Centrally baaed near motorway 
Mainly dealing in quality stock 
products, sale duo to retirement 
OFFERS ARE SOUGHT FOR THE 
WHOLE BUSINESS AT 
AROUND £280,000 
For further details p lease write to 
Box H2226, Financial Times 
10 Cannon St, London EC4P 4BY 


DRINKS & FOOD 
VENDING COMPANY 
FOR SALE 

Well established. South-East 
based, food and drink 
vending company for sale 

Apply Box H 3235, Financial 
Times, 10 Cannon Street, 
London EC4P 4 BY. 



BUSINESS AND ASSETS Of SOfVtmt and 
insolvent ramoa pilot tar sale. Buritncsa 
end Assets <RlQ. Tel: Ql-W? 3036 . 































Businesses for Sale 



Premises, Plant, Machinery 
and Facilities 




(in provisional liquidation) 

The finest rperfianical engineering facility in 
Ireland. A modem purpose built factory; 8 a 500 
square metres on 30 acres supported by un e qual l ed 
design and production facilities including: 

© CAD/CAM/MRP. 

Q Cindnatti Horizontal N.C. Machining Centres, 
o Industrial Robots 

© Ihimpf Plasma Punch and Writing Press. 

© Industrial Enamel Finishing Centre. 

Ideally suited for robotics manufacturers, mechanical handling 
systems manufacturers, specialist vehicle builders and any firm 
engaged in high precision mechanical engineering. 


Brochure available from: 

John Donnelly, 

Deloitte Haskins & Sells, . 
Provisional Liquidator, 

Hyster Automated Handling Ltd., 
Suite 3, Fstzwihon House, 

Witoon Place, 

Dublin 2. 

Telephone: Dublin 765153/601166 
Telefax: Dublin 789660 
Tete Dublin 93956 


Detains 

HaskmsSeis 


Scotts of Kilmarnock Lid* - in receivership 
(and associated companies) 

The Bosmeea and Assets for sale 


i n> 


Kilmarnock, Ayrshire 
SC approved feeffity { attie and aheep} eapabfflty 1 200 cafitottOQO aheap per wort 
HOME AND EXPORT MARKET 
Turnover In excess of £3 mffion 
For further Information contact Moira Hltchl*. 


^Touche Ross 


38 St Vtnccnt Ptaco, Glasgow 01 2QQ. TWephon* 041-204 2800. Fax; 041-221 1864 Tbc 778862 TRGLAS 6. 


BY ORDER OF THE JOINT ADMINISTRATIVE RECEIVERS 
P OTT TP MON JACK FCA & KEITH GOODMAN FCA 
in the matter of 

THE OUTSIDER GROUP OF COMPANIES 
Offers are invited for the assets, including stock and goodwill, of this major men’s 
clothing manufacturer and wholesaler. 

Turnover Is in excess of £5,000,000 (five million pounds sterling) per annum. 
The company trades from well-fitted leasehold offices and warehouse 
in Loudon W3 and a West End showroom in London WL 

Please reply in the first instance to: . 

Philip Monjack FCA 

LEONARD CURTIS & CO. 

Ch at tered Accountants 

p.O. Box 553, 30 Eastbourne Terrace, London W2 6LF 
Ref: Ruth Segal. Written inquiries only please 


PROFITABLE 


COMMERCIAL 


ESTATE AGENCY 


FOR SALE 


Well established commercial 
Estate Agency with modern 
regional offices and an excel- 
lent trading record is for 
sale. Steady and reliable 
growth has been achieved 
and the present accounts 
indicate a net trading profit 
circa £220,000 from an annual 
fee income in excess of 
£450,000. 

Projected income for current 
financial year approaching 
£750,000 with corresponding 
increased net profit 
Seriously interested prin- 
cipals and companies should 
write in confidence: 


Box H2188 
Financial Times 
10 Cannon StTeet 
London EC4P 4BY 



V, 


GARAGE BUSINESSES FOR SALE 

Garage businesses including forecourt and vehicle 
sales together with large hire fleet operating from 
a mixture of freehold and leasehold properties In 
the North East 

The business and assets of two private companies 
are offered for sale by the joint administrative 
receivers. 

New and second hand vehicle sales together 
1 with showrooms 

3: 5 Service Stations with weekly fuel sales of the 
order of 42,000 gallons 
* Body-shop and repair facilities 
& Hire Beet of ISO vehicles (private and 


commercial) 

■information please contact: 


Forfurtberiii 
Geoff Adams, Peat Marwick Mclintock 




KPM& Pe at Marwick McLintock 



27 Grainger Street Newcastle upon TVne NEl 5JT 
Telephone: 091-232 8815 



MULTI NEEDLE QUILTING AND CLOTHING 
MANUFACTURERS 
BIRMINGHAM 


vsm 


The business and assets of a private company are offered 
forsafe by tbe joint odmiinirtratruff leeches. 

Principal features comprise; 

* 10.000 sq.ft. -Manufacturing and warehousing 

* 2,500 sq.fi. - Integral offices 

* multi needle qiriHmg capacity in excess of 
£CW ,000 metres p.a. 

For further information, please contact the joint 

adiniflistratirereceiTCn 

A. F. Jones 

Feat Marwick Mclintock 



©Peat Marwick McLintock 


45 Church Street 

Telephone: (021)233 


B3ZDL 


Sw&sex Ewers Ltd, S«ssea Fabrics Ltd 

ftgjfajglMUd 


The busmess and assela comprising premises, plant, equipment 
stock, worts m progress, order book aid goodwflof this dyers and 
finishers of doth are offered for sate. 


^ iiw.il awivigrfui, MM (CCSW1Q1L 

r»HTilsea/factoi>oftices In Brighton of 51,000 sq.lt A firtier 22.000 
sq.it. is Immediately available tor expansion and a separate SB ,000 


sq.ft.ot c ar part with development potential a on an expaiding 

tndustraii estate. 


far further expansion. 

Further intonnattan from the, 
tt.Baefcfej|rcCR,l 


Stoy Hayward 


Roofing and Cladding 
Specialists 



Grantham. Lines. 

The business and assets of G. Bellamy Roofing 
Limited are for sale as a going concern 
comprising of: 


Freehold property, Motor Vehicles 
id Equipmt 


Stock and Equipment. Contracts. 
Turnover for 7 months to May 19S7 
Enquiries to: L. P. Cummins 

Joint Administrative 

Receiver 


Cork Gully 


CORK GUUY 
22a The Rope Walk 
Nottingham NG1 5DT 
Telephone: 0602 470658 

Teles: 377979 

Fax; 0602 410132 


FOR SALE 


By the Joint Administratrix Receivers oj 
RAVEBEST LIMITED 
The Business as a Going Concern of 
COPELAND, DOUGLAS & DYER 
(Established 21 years) 

Trading as professional photographic laboratories specialising 
in photographic work in Exhibition and Display for corporate 
clients and transparency work for advertising agencies and 
magazines. 

The Company occupies approximately 11.000 sq. ft of newly 
specially converted light industrial premises in Kirby Street, 
London EC1, held on a valuable long-term leasehold. 

The Company utilises highly sophisticated modern facilities 
incJf ding a Refrema E-6, a Kreonite Cibachrome. a Black and 
White and a “C" Type 85 in. Processor, together with a 
complete range of Enlargers .Copy Cameras and other 
Photographic Equipment 

The Company possesses a wide customer base and employs 
25 persons including a team of highly-skilled technicians and 
enjoys a high reputation for its finished work. 

Principals only apply to: 

A. P. LOCKE and D. R. F. SAPTE of BEGBIES 
Chartered Accountants 

6 Raymond Buildings, Gray's Inn, London WCLR 5BP 
Telephone: 01-405 1219 


S. Wylie Manufacturing Go. Limited 


(in receivership) 



The business and assets of the above company 
are offered for sale as a going concern. The 
company is located in Slough, Berkshire and its 
activities include precision engineering, the 
design and manufacturer of textiles machinery 
and pneumatic descaling guns. This business 
indudes: 

* 12,500 sq ft leasehold premises 

* Worldwide customer base 

* Order book 

* Turnover approx £600,000 pa 

* Stocks and work in progress 


Cork Gully 


For further details please 
apply to the Joint 
Administrative Receivers: 
J. M. Iredale and 


C. J. Hughes 
lix House 


Phoenix I 
Station Hill. Reading 
Berks RG1 1UN 
Telephone: 0734 500338 
Telex: 848588 
Fax: 0734 508168 


RESTAURANT 


Va 

consisting on— 

★ Dining area of 120 covers with extra tenace seating 
■it Spacious and exceptionally well equipped kitchen 

★ Bar with piano music adjacent to restaurant 

★ Wine cellar for sampling 

★ Furnished and equipped to a very high standard 

★ Turnover for 1986 approximately M9Q pis. 

★ No staff liabilities 

★ Top international clientele 

★ Freehold and all fixtures and fittings available in price 

★ Most rapidly expanding area In Gran Canaria 

Sale due to owner's domestic circumstances allow price of 
£3 50,000 or equivalent in any currency. 

Apartment in same complex could also be purchased. If required, 
giving the possibility to live and earn a living in luxury in the sun. 
Telephone Jersey 053451490 for further details. 


Office Equipment 


EXECUTIVE ITALIAN OFFICE FURNITURE 
Collection of high quality Executive aod Operational ranges 
finished in natural selected veneers: Rosewood, Walnut, Black 
Ash, Light Oak, including desks returns, bookcases, sideboards, 
conference tables. Many configurations of systems furniture 
in bi. lanrina -te finishes and light oak veneer 
Substantial discounts 
FREE DELIVERY AND INSTALLATION 
Full details Tel: 0992 500567 - Fax: 0992 500568 - Teles 818193 



Company Notices 


FORK LIFT TRUCKS. Wt dm a MlNtlon 
of second hand quality trucks aroilabl* 
lor immediate sale. AH clenned 
inspected. Minted and In emHWt 
•wrkJns order, Price list osallablo on 
miiesr. but wo suggest a personal 
inspection of our large stock of leading 
ndm Export enquiries «aH conned, 
Birmingham rorK Lift Truck LUL, 4-8 
Hama Road, Ssltley. Birmingham. 0 ZI- 


P' AN HOUSING SJL- 
LUXEMBOURG 


3Z7 59*4 ib_ Tele 


33873 


Clubs 


EVE hat outlived the others because of a 


S ky of Mr play and value lor money, 
■per from 10*3.30 


. am. Disco and top 

tnusKtant, clamorous hostess, ffireinhc 
•SBonhotr*. 189, 

0537 


Recant 


J, 01-734 


NOTICE 15 HEREBY GIVEN that Fan 
Holding SA, has dMared a dividend of 
US 56. 25 per shire ei S30 for the year 
19 Be payable i» from i July 1957. 

The dividend will he payable against 
coaoon no. a2 from Bearer shares of 
Pan wowing SJL. wblea may Be presented 
to Midland Bank ok. Securities Depart- 
ment. International Dwtsiofl. 110-114 
Cannon Street, London EC4N BAA. Mr 
payment at the rate of eaovange current 
on the date of payment. 

income Tax or 27% will be deducted, 
artless the coupons ere accompanied by 
an inland Revenue AAdnlb 


‘Value Added Network* 



Data 

Communications 

Company 


For sale u a going concern, a data 
communications network business. The network 
is controlled by a mainframe computer 
located in London’s West End. There are nine 
operating Nodal stations throughout the 
country serving various national customers. The 
company has been trading for nine months and 
has 18 employees. 


Cork Gully 


For further information 
please contact: 


The Administrator 
J. M. Iredale 
Shelley House 
3 Noble Street 
London EC2V 7DQ 


Telephone: 01-806 7700 
Telex: 884730 
Fax: 01-806 9887 


Businesses Wanted 


HEATING/ENGINEERING 
BUSINESSES WANTED 


* Opportunity to join the largest employee 
owned manufacturing company in the UJC 


• BaxJ Partnership Limited, an&mptoyeeawnQdcompanywith an 
annus! tumoi.vraf£60M specialisms in the gas centra! healing markel. 
wishes to expand by acquisition into related engineering fields. 

Companies with established products and turnovers up to 
£50M. and who may be interested in becoming part of the Bad 
Partnership, are invited to contact, in strict confidence: 

flic At Crouch, FtnandatDkeetoe 
Baxi Partnership Limited, Brtswnedge Road, B ant b e r Bridge, 
Preston, PR56SN. 


PLC WANTED 


Effective Control at Board Level of Quoted PJL.C. 

Directors controlling private company with strong property based balance 


sheet (circa £8m net tangibles) and established profits history In service 

‘ j in 


industry will injaci undertaking in return for aUategic stake in company 
presently capitalising realistically up to £30n> or would consider much 
smaller "live" Snell. Preferably property orientated or high cash producer 
wishing to Improve p/e rating. 

Write in confidence lot The Chairman, Box H31S6 
Financial Times, 10 Cannon St. London BC4P 4BY 


Company Notices 


KOREA INTERNATIONAL TRUST 


INTERNATIONA!. DEPOSITARY RECEIPTS 
EVIDENCING BENEFICIAL CERTIFICATES 
REPRESENTING 1,000 UNITS 


Notice Is hereby given to the Unitholders that Korea International Tarot 
declared a distribution of Won 856.000 per IDR ol 1.000 unite payable on 
June 25. 1987 in the Republic ol Korea, 


Payments of coupon No 6 of the International Depositary Receipts wifi be 
~ following offices of 


made on July 3. 1367 in US dollars at one of the 
Morgan Guaranty Trust Company of New York: 

-HBRUSSELS. 35 Avenue dea Arts 
—NEW YORK, 30 West Broadway 
—LONDON, 1 Angel Court 
—FRANKFURT. 44^6 Mainzer Landetrasse 
— ZURICH, 38 Stockersrrasse 

The amount ol dollars shall be the not proceeds of tire sale by the Pond 
of the Won amount to a foreign exchange bank in the Republic ot Korea 
at its "spot" rale on June 25. 1987. 

The proceeds of the coupons presented after June 25. 1987, will ta 
converted into US dollars at the prevailing spot rata of the day following 
their presentation, and will be distributed to the Unitholders In proportion 
to i heir respective entitlement^ ana after deduction of ell taxes iM 
charges ol the Depositary. 

Holders residing In e country having a double taxation treaty with the 
Republic of Korea may obtain payment of their coupons at a lower rata 
ol the Korean non-resident withholding tax, on condition thay fum|ph to 
either the Depositary or through one of the designated sub-paying agents a 
certificate — showing their residence together with a copy of the certificate 
of Incorporation or a copy of the passport lor Individuals. Those documents 
are reauesied by the Korean National Tax Administration OtRcs as evidence 
of residence and without them rite full rate of 26.875 pet Korean non- 
resident withholding tax will be retained. 


MORGAN GUARANTY TRUST COMPANY OF NEW YORK 
Brussels Office, as Depositary 


LEUMI INTERNATIONAL 
INVESTMENTS N.V. 


US 57 5,000, 000 Guaranteed 
Floating Rate Notes 
Extended and Due 1989 


The interest rate appllcsbje to the 
above Notes In reuMrt ®* “re ,lx 
month eerlod commencing 30tn June 
1 907 has been fixed at 7»i% per 

annum. 


per bond of U~ss758c* TSCiXLjg 
USS3 89.72; per band of USS1 0.600 
nominal to 1JSU.B97.32: per bond 
of US5I0O.0O0 nominal will be paid 
an Thursday 5m pacambfir 1987 
against presentation Ol coupon Mo 17. 


BANK LEUMI TRUST COMPANY 
OF NEW YORK 
Principal PWii*B Apert 


EULA INTERNATIONAL B.Y. 

Floating Rata Note issue of 
U5S25 million 1981/1989 
The rate of Interest applicable 
for the six months period 
beginning 30 June, 1987 and set 
by the reference agent is 8% 
annually. 


CARDIFF CITY COUNCIL 
TOURISM STUDY PROPOSAL 


Carols City Council wishes to commission 
a study, first, id gne an ovorWow of 
possible tourism d eretoa m ent and other 
*141 tor based opportunities and trends 
available to the Cite winch are practically 
achievable and capable of impieraenunoo. 
Secondly, more detailed consideration of 
me iMHvtduai protests list ' 
market and financial 


SoS tor the Council's .Own purpoMjC In 


planning tor these .protects 
provide detailed Information tor rae 
AutnoritV* applications lor financial 
support from outside bodies, most notably 
the European Regional Ptwlopms nt Fond. 
Tl» prelects are: 


New naitre retorts* meat: 

Camas Fadlltlep— this will Include' 
the building of tiw International 
nmitlno tract and ossodfitM faculties 
currently under construction and oil 
the phases proposed throughout the 

City; 


W 


Central Library prunosfid cowviloa 
to tourUt/eorterence related <im. 

City Council, therefore. Invites ore- 

Inary expressions ol Interest from 

appropriate consultants and other groups 
with the expertise to provide an. effective 
investigation oi (be two tourism and 
visitor related aspects described above. 


ilnSn 


Expressions of 
to Chief “ 

Room 


let ExacutM. C 
aioTcity Han. 
er than ism jui 


should be' seat 


rdlff City Council, 
Cardiff CFi 3NO. 


n» Taler Bun iSth July 19B7 and Include 
' previous 


description! of . 
charging policies and 


' rark £ n ‘Z a £Sr. 


exportto* 


Farther details from M, A. Turvoy. 

, (02Z» B 22039, F*x <oz32j 


Telephone 
B 22270. 


H. T. CRIP PIN 
Chief Executive 


V#-'* Kerr - 


Financial Times Tuesday June 30 1987 

UK EDUCATION 


i'-v ' .v; 



Mr Baker: always confident 


William Petty on the 
core curriculum debate 


Rushing to 


a mistaken 


conclusion 


SOME educational issues fea- 
tured prominently in the 
General Election. The core 
curriculum was not however, 
one of them, although it was of 
more fundamental significance 
than some of those which did. 
This should mean that as Mr 
Kenneth Baker resumes office, 
his core curriculum proposals 
can now be looked at and dis- 
cussed -from an educational 
rather than a political view- 
point The core curriculum is 
rather like parental power in 
education (and is -proving to 
be an even more popular issue 
as a basis for questions at in- 
terviews for educational posts). 
Everyone begins in favour of 
it — which explains its lack of 
political ‘‘glamour'’ — until 
they examine the implications 
of particular proposals. Indeed 
many of those whose initial 
comments favoured Mr Baker’s 
proposals, later proved to be 
saying that they liked their own 
idea of a core curriculum but 
not necessarily his. 

There is nothing new in the 
concept of core studies and 
skills. Much work has been 
done on them in relation to pro- 
grammes for the Technical 
Vocational Education Initiative, 
the Certificate of Pre-Vocatlonal 
Education and the Youth 
Training Scheme. But Mr 
Baker’s proposals are different 
from anything previously con- 
templated. They cover a wider 
age range and involve detailed 
national testing and M moni- 
tored assessment" (always a 
useful phrase). 

Again, there is nothing new 
in testing. Some local educa- 
tion authorities, tor example, 
have over the years carried out 
literacy and numeracy tests. 
Mr Baker’s testing would not, 
however, be limited to literacy 
and numeracy, although these 
are the areas which many sup- 
porters of a tested core curri- 
culum clearly have in mind. If 
Mr Baker considers that he 
would be merely carrying out 
nationally what has taken place 
in some areas, he is misleading 
himself- What he is envisaging 
is more complex and could be 
more dangerous. 

One danger is that, if there 
is a national core curriculum 
which extends beyond literacy 
and numeracy, difficult choices 
arise. Certain subjects do not 
lend themselves to national 
testing and "assessing” (only 
the naive would equate the 
national testing of all chidren 
of all abilities with the cur- 
rent national examinations). 
Music is one such subject Art 
is another. English Literature 
and the literature of other lan- 
guages are others. And it 
could he argued that History, 
one of the subjects included by 
Mr Baker, is yet another, un- 
less most of the new and effec- 
tive ideas about the teaching 
of it are to be jettisoned. It 
on the other hand, such sub- 
jects are excluded, they tend 
thereby to be demoted In the 
minds of pupils and parents. 
This is no doubt why an im- 
portant subject such as History 
has been pushed into the core, 
despite its unsuitability. It is 
also true that what can he 
easily tested is often not the 
part of a subject which matters 
most (“Give me the date 
of . . . ? ) 

A further danger lies in de- 


ciding how subjects finally ix 
chided in the core are to b 
tested and ‘‘assessed/’ Anyoni 
who has experienced the con 
paratively simple problem a 
preparing local numeracy test 
knows the difficulties. View: 
differ radically about what th< 
tests should cover and abou 
where lines of achievemen 
should he drawn. . 

In Mr Baker’s view suet 
problems could be settled bj 
co-operative efforts, whict 
achieve a “broad national con 
sensus.” Above all, “the bes 
minds in the country" woul< 
be in charge. Mr Baker ha 
clearly never been subjected U 
the wrangles of those included 
in a paldre of this kind, no' 
to speak of those who havi 
not been included but who, ii 
their view, should have been 
And has he not thought of hi: 
elite being eventually re placet 
by another elite selected bj 
someone whose views were (tc 
use a popular word) radical!] 
different from his? 

It seems, too, to be forgottez 
mat the Department of Educa 
Hon and Science set up maf»b jp 
ery for assessing standards ant 
performance some years ago 
There is surely a case for re 
search being carried out on tha 
operation, with its clear rele 
v-ance to discussions about t 
curriculum, before 
mV decisions are taken on the 

i? ut “V. researcher 
should be warned that hare 
manual labour will bT neSS 

*“ Sft the moiSSK 
SWUf** e *P er ience should 

if tiie lSSr5 r ? iUCtion o£ &gurQi 

bur eaucratic costs 
of implementing Mr Baker 1 - 
much more grandiose scheme 
. Mr Baker always gives the 
impression of having tSafcotS 

dence in anythinghe pSSS 

Eoorj r £«. d !! Ub £ ^ st00 ‘* hrinli] 
when be was impart- 
mg the easily tested core cor. 
of gun drill amToSei 
|? attefs .to the Libyai 
*tmy in his earlier years Hu* 

mS??* 155 ° £ ** poiitte^ 

the component i? r 

indi^d^iy m Th2re be i a e ^; n !2 

sjsmsKSS 

areas which hare laSe^JSS 

the scheme doec or^fn bow far 
la with the Sw ^SE ff*® 1 
nation and the varfS? e 5 aat 
vocation!? 

l°ok at “ subL^S 
quite the same way as Wr T»-i. ia 
seems to ) 0 ok at fiL™ ^ Baker 
in particular, There is, 

SITS? ““ 

have been put forwani , , 

education anther ioCQi 

other,™ broaden? 68 , “ d 
ieetivi h°ta| d “'>■ 

ssjH 5 * 


. What ig'ce* 
is now n 0 n< 
decisions to l 
about a core 
national testin 
unnecessary, i 
ing, education 


The author wm 
for Kant until 
college png ae 

ar m * 


»H tec 3.T .* 


















Financial Times Tuesday June 30 1987 

LETTERS TO THE EDITO 


17 


ft 


and delay 







mm 


. 1 


lo 

a 



u 


From the Executive Director, 
international Foundation oj 
Airline Passengers Associations 
Sir,— Mr P, MacNamara’s 

letter (June 22) on airline 
deregulation urges considera- 
tion of the fact on both sides 
of the argument, while ignor- 
ing some fundamental ones 
He states that US airline de- 
regulation has cost 40,000 jobs. 
Fact — employment is higher in 
the US airline industry than 
ever before. According to the 
respected airline US quarterly 
reports, employment in the US 
industry was 329,000 in 1978 
and 380,000 in 1986. Average 
remuneration has gone from 
$28,000 to $42,000 daring' the 
same period. 

He blames the cument re- 
scheduling of flights and delays 
on deregulation. Fact — there 
are at least half a dozen iden- 
tifiable causes of delay; of these 
weather accounts for some 70 
per cent of all delays. The 
failure of the US administration 
to keep the number of fully 
trained air traffic controllers up 
to- requisite levels after the 
1981 strike, slashing of the 
FJ^A's budget by 25 per cent 
between 1981 and 1984, and 
the refusal to spend some S4bn 
paid by passengers for airport 
and airways improvements, to 
make the overall budget deficit 
figures look better, are other 
reasons. Certainly, airline 
flight bunching at major air- 
ports in the free market 
environment is a contributing 
factor— but it is just that, not 
the cause. 

He states that US basic 
domestic fares have increased 
and Implies we can expect the 
same pattern in Europe. Fact — 
it is true, basic fares have 
increased by approximately 
158 per cent compared to the 
figure of 69 per cent for the 
CPI since deregulation started, 
but during the same period, 
discount and deep-discount 
fares have grown only 58 per 
cent ie less than the CPL An 
important point is that, thanks 
to competitive price offerings, 
the vast majority of Americans 
— including business travellers 
— have access to discount fares. 
Most recent statistics suggest 
that 80 per cent to 90 per cent 
of US travellers use the dis- 
counts at levels ran g in g up to 
90 per cent below the basic 
fare. A Brookings Institute 
study estimates that American 
consumers have saved as much 
as $6bn annually as a result fo 
. competitive pricing in the US. 
Mr MacNamara indicates thait 

the scheduled carriers are 

adopting market-based pricing 
and warns that unless Europe 
follows the exact liberalisation 
. path charged by those dittoes 


the consequences will be res- 
tricted choice, delays and bad 
time-keeping. European airlines 
are moving towards more flex- 
ible pricing on some routes. 
Partly in response to new en- 
trants such os Ryan Air and 
Virgin on Luton-Dublin, partly 
in response to their own market- 
ing feel and capacity avail- 
ability and partly in response 
to government pressure includ- 
ing Community moves to apply 
the competition rules— as Dr 
Johnson said “there is no thing 
so concentrates the mind as the 
prospect of being hung on the 
morrow." As far as delays and 
Urn e-keeping are concerned, 
there is an evident lesson to 
learn from the US— liberalise 
gradually, measure the effect 
and make sure adequate re- 
sources are applied to airport 
and airway development to cope 
with more flights and more pas- 
sengers. We think Community 
funds should be made available 
for this. 

No one is suggesting the US 
example is the ideal model for 
Eurone. Proponents of decon- 
trol here argue for a gradual 
liberalisation over several years 
with many retained controls to 
prevent excess and ample possi- 
bilities for correction. Hie bor 
tom line, however is, if we want 
a barrier-free Europe by 1992. 
as our heads of government 
have already committed, we 
cannot go on exempting or oro- 
teeting airlines from the effect 
of the Common Market. The 
more so as those airlines will 
have to face lean and hungry 
competitors from the US and 
South East Asia, in European 
and non-European markets, in 
the years ahead. It follows that 
thev too will have to he lean 
and hnngrv and competitive to 
meet the cballange and the mar- 
ket demand. 

Geoffrey EL Iipman, 

PO Box 462, 1215 Geneva 16 
Airport, Switzerland. 

Facilities at 
airports 

From Mr D. Savers 
Sir, — When I first read Mr 
Macnamara’s letter (June 22) 

I thought it must be intended 
as a parody of the attitudes of 
the European airlines. The 
second time I read it I began 
to think that Mr Macn&mara 
was serious, and was the 
spiritual brother oE the market- 
ing manager in one European 
airline who complained that 
lower fares would attract the 
wrong sort of passenger to his 
airline. 

Mr Maenamara clearly 
prefers myth to reality when 
be describes the effects of de- 
regulation on tile US airline 
industry. Employment has in- 
creased since 1978, not fallen 
by 40,000 as he implies; the in- 
crease of about 60 per cent in 


traffic has more than offset the 
effect of improved productivity. 
The average fare actually paid 
fell about 22 per cent in real 
terms between 1978 and 1986. 
The standard fares, which are 
now bought by fewer than 10 
per cent of passengers, are of 
course included in the average 
fare paid. These US fares are 
about half the average fare for 
journeys over similar distances 
in Europe. Frequencies on US 
domestic services have in 
creased since deregulation. 

The serious issue that Hr 
Macnamara raises is that the 
supply of airport and traffic 
control facilities is less flexible 
than the supply of airline 
capacity, so that the rapid 
growth of air transport in the 
US, for example, has created 
bottlenecks at major airports. 
The effects of these bottlenecks 
on the quality of airline ser- 
vices are not evidence that de- 
regulation has failed but 
evidence that the methods of 
providing airport and traffic 
control capacity need to be re- 
thought. There are bound to 
be problems if airlines compete 
freely with one another, but are 
given rights to valuable assets 
such as landing rights at busy 
airports. The presence of con- 
gestion shows that reform and 
deregulation need to be 
extended, not curtailed. 

David Sawers 
10 Seaview Avenue 
A namering-on-Sea 
Sussex 

Secret aversion 
to competition 

From Mr L. McManus 

Sir, — Once again the FT Is 
filled with accounts of valiant 
efforts by the UK to liberalise 
international air transport in 
the face of fierce opposition 
from “protective” and “in- 
transigent " foreign govern- 
ments. This is the picture which 
has consistently been placed 
before the British public in 
recent months despite growing 
evidence that the UK is not 
sincere in its desire for true 
competition in the air. 

It is undeniably true that the 
Government has encouraged 
competition with our near 
European neighbours, but only 
in cases where UK carriers 
were expected to benefit sub- 
stantially. In less certain 
markets recent DoT actions 
indicate a very different posi- 
tion. 

Throughout South-East Asia 
the UK has a reputation as a 
fiercely protective country: we 
have recently witnessed major 
rows concerning «he UK capa- 
city of Philippine Airlines and 
Malaysian Airline System, 
while Singapore Airlines 
gained long overdue Man- 
chester rights only after an 
extensive national advertising 
campaign embarrassed the 


UK's “ pro-competition " stance. 
Despite a UK Government pro- 
mise to encourage Manchester 
services in the wake of the 
Stansted decision, the licence 
limited SLA to two flights per 
week on the route regardless 
of the airline's wish to operate 
more. 

The North Atlantic reveals 
further inconsistency: a two- 
year-old PanAm application to 
serve Manchester-New York 
still awaits DoT attention, again 
ignoring Government promises 
to the north. Other US carriers 
■are afraid to request Man- 
chester routes fearing unaccept- 
able reciprocal demands from 
the UK. And. of course, a 
fearful row is raging between 
Canada and the UK because 
Air Canada has made a success 
of its London -Singapore rights, 
fairly conceded in return for 
British Airways' abortive foray 
into western Canada. 

The UK's secret aversion to 
competition, however, is not 
restricted to long-haul markets. 
Only recently the UK un- 
expectedly refused Ireland’s 
Ryanair rights to fly on the 
undeserved and pricy Man- 
chester-Dublin route, this deci- 
sion closely following Ryanair’s 
exclusion from Luton-Oork 
which is not served at all. The 
new rift between the UK and 
Eire appears to centre around 
Aer Lingus’s renewed efforts to 
restore its old fifth freedom 
rights through UK regional 
airports to Europe — an aim 
wholly consistent with proposed 
plans for the unshackled EC 
market which the UK purports 
to seek. 

Evidence suggests that the 
UK supports liberalisation only 
where our airlines have most 
to gain— desires little different 
to those of Spain, Italy and 
Greece relative to their carriers. 
The UK, however, also displays 
a keenness to protect the 
London airports' bub system — 
clearly to the exclusion of Man- 
chester and other regional air- 
ports where necessary. Will the 
Government please consider 
abandoning the hypocrisy of 
our alleged “ pro-competition " 
stance? 

L. J. McManus. 

Flat 2, 8-9 The Triangle, 
Bournemouth, Dorset. 

Lesser sum of 
happiness 

From Mr G. Thomas 

Sir, — Mr Collison (June 22) 
should realise that a larger 
cake unequally sliced but in 
which the smallest slice is at 
least as big as the equal slices 
of a smaller cake can only pro- 
duce a lesser sum of happi- 
ness If it is — forgive me — 
consumed with envy. 

George Thomas. 

90-93, Cowcross St, Ed. 


of tbe Council of The Stock Excbange.lt does not constitute an 


This advertisement is issued Am compliance with the requirements of the Council of Tbs Stock Exchange, i 
offer of, or invitation. to the pabJic to subscribe for or to purchase, any securities. 

State Bank^F Victoria 


The Commissioners of the State Bank of Victoria 

fa corporation constituted under the Suite Bank Act 1958 of the State of Victoria, Australia) 

¥30,000,000,000 

4 3 A per cent Guaranteed Notes due 1992 
Issue Price 10134 per cent. 

Repayment of principal and interest guaranteed pursuant to the State Bank Act 1958 by 

The Treasurer of the State of Victoria 

The following have agreed to subscribe for die Notes: 

Yamaidu International (Europe) Limited 


Bank of Tokyo Capital Markets Limited 
Daiwa Europe Limited 
Fuji International Finance Limited 
Merrill Lynch Capital Markets 
Mitsubishi Trust International Limited 
Morgan Stanley International 
Nomura International Limited 
Takngin International Bank (Europe) SA. 

Yasnda 


i Chemical International Limited 
DKB International Limited 
Manufacturers Hanover Limited 
Mitsubishi Finance International Limited 
Mitsui Trust International Limited 
The Nikko Securities Ca, (Europe) Ltd. 
Salomon Brothers International limited 
S.G. Warburg Securities 

Trust Europe Limited 


Application fun been made for the Notes, in bearer form in the denomination of Yl, 000, 000 each, constituting the above issue to be admitted 
to the Official List by the Council of The Stock Exchange. Interest mill be payable annually in arrear on 7th July in each year, beginning 
on 7th July, 1988. 

Particulars of the Notes and the Issuer are available in the sta ti stical services of Extd Financial Limited. Copies of the listing p articu lars 
relating to the Notes may be obtained during usual business hours on any weekday (Saturdays and public holidays excepted) from the 
Company Announcements Office of the Quotations Department of The Stock Exchange, Throgmorton Street, London, up to and including 
2nd July, 1987 or during usual business hours on any weekday (Saturdays and public holidays excepted) at the addresses shown below up 
to and including 14th July, 1987 

Cazenove & Co* 

12 Tokeubouse Yard, 

London EC2R7AN. 


Bankers Trust Company, 
Dasbwood House, 

69 Old Broad Street, 
London EC2P2EE. 


Yamatebi International (Europe) 
Limited, 

Finsbury Court, 

111-117 Finsbury Pavement, 
London EC2A 1EQ, 


30th Jane, 1987 


FINANCIAL TIMES SURVEY 

South Africa 

New Publication date Friday, July 10 

Information on advertising can be obtained from: 

HUGH SUTTON 
Tel: 01-248 8000 Ext 3238 

Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 


REPUBLIC OF ITALY 
EoiaXIjMOflOQ 

W — .» .. - - J... fHM 

floating lute notes our 
In accordance with me wrm and 
conditions of the Nock, notice Is 
hereby wen the* lor the 3 months 

e kMf from June 30. 190/ to Sbm... 
30. 19B7. the Notes will carry 

an Interest of G^a per cent per annum, 

The relevant Interest payment date 
will be September 30. 1987 and the 
coupon amount per Ecu 10.000 
nominal will be Ecu 17S.69 and per 
Ecu loo.ooo nominal win be 
Eda 1.75634. 


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CERTAIN BREEDS HAVE ALWAYS BEEN MORE DEMANDING. 


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” adopd ° n ° fSUCh ” !ranCed “ lmiqU “ 

as computer inK 8 nte l^^Snent to Digital Equipment 

Corporation (Dtu- • 


now netwoiks part of Jaguar^ precision car manufacturing process, 
providing crucial production and inventory control 

Jaguar chose DEC because we’re the world leaders in 
computer networking. That's our competitive edge. 

Wfc hope to have become a competitive edge for Jaguar 
too, contributing towards their strong position in what is a 
highly aggressive market (As of last year Jaguaris productivity had 
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Attention to detail and loving • . 

c ra ftsm anship have always been Jaguar 

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get it If iris what you expect, call us. 

Contact our Manufacturing Application Centres: (North) 

Roger Sutton (021) 35s 6 m: (South) Mike Jackson (0454) 617 676. 




•• • 


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■vff' •«As'v 1 ‘ 

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vi 







Financial Times Tuesday June 30 1987 


IS 


TECHNOLOGY 


Alan Cane explains how US industry is looking at computer-controlled factories with a new sense of urgency 


Manufacturing edge on 
display in Chicago 



- "i 

- fe*; *s 


IT WAS in the mid-80s in 
Chicago last week, but while 
sailing yachts and water 
scooters made free amid the 
c ooling breezes of Lake Miem- 
pnn, another thermometer, that 
of American manufacturing 
industry, was recording record 
highs elsewhere in the city. 

Manufacturing industry shows 
are traditionally worthy rather 
♦ftan exciting, practical rather 
than visionary. 

However, Advanced Manu- 
facturing Systems, a trade 
show which closed after a 
three-day run in Chicago, dif- 
fered from conventional manu- 
facturing equipment exhibitions 
in three essential respects. 

First, in the number of senior 
executives among the potential 
customers who were there to 
look and learn. It was unusual 
even for the US, where chief 
executives are many times more 
likely to have had practical ex- 
perience than their European 
contemporaries. 

Their presence was strongly 
indicative of the new sense of 
urgency gripping US manufac- 
turers as they measure the 
decline in their performance 
against the Japanese and the 
countries of the Pacific Rim. 

Television advertising in the 
US echoes the same theme with 
startling honesty as major com- 
panies take prime time to ques- 
tion whether America can 
reclaim its manufacturing edge. 
They urge a new search for 
quality and efficiency. 

Second, in the kind of com- 
panies showing their wares. 
There was hardly a machine 
tool, robot or materials hand- 
ling system to be seen. Instead, 


computer companies were out 
in force. 

IBM was there, and so , 
among others well known for 
industrial computers and com- 
puter software, were DEC and 
Prime. 

But what was Ingres or 
Britton-Lee, which respectively 
sell sophisticated database 
software and hardware, doing 
there? Or Intel, one of rile 
world’s leading semiconductor 
manufacturers? 

The answer is that the 
Chicago show was dedicated to 
the electronic future of manu- 
facturing industry, to computer- 
integrated manufacturing or 
CUM, as it Is called. 

And it is rile computer hard- 
ware and software companies 
rather than the machine tool 
manufacturers which are ex- 
pected to provide the vital com- 
ponents for the " factory of the 
future.” 

Which leads directly to the 
third point of difference be- 
tween Chicago and other trade 
shows. Its central focus was 
a small, but essentially com- 
plete. factory of the future 
which ran throughout the ex- 
hibition churning out printed 
circuit boards, plastics and 
avionics products, theoretically, 
for the defence industry and 
commercial customers. to 
demonstrate the chief princi- 
ples of CIM. 

Co-ordinated by Arthur 
Andersen and Co, the manage- 
ment consultants, it involved 
the integration of $18m worth 
of equipment from IS separate 
suppliers. 

According to Mr James 
Burns, the Chicago-based 


Arthur Andersen partner who 
master-minded this Impact 
*87 demonstration, some 10,000 
people would see the factory 
during the three days of the 
show, with a further 4,000 
booking private viewings. 

“We have really hit the nerves 
of a lot of senior management 
with this,” he said. “The people 
booking private tours are all at 
vice president and director 
leveL” 

To be quite accurate, the 
factory, "Impact W," was more 
demonstration than working 
prototype. The “products," 
although properly designed and 
accurately machined, were not 
intended for market. Last year 
at the same exhibition, printed 
circuit boards manufactured 
during the show in a much 
smaller demonstration factory 
were sold to commercial cus- 
tomers. 

None of which should detract 
from the fact that the company 
had managed to tie together 
equipment from Alien-Bra dley, 
Alliance Automation, Cherry 
Electrical, Computer Methods 
Corporation. Denniston & Den- 
niston, IBM, Intel, Interactive 
Images, Intergraph, Pri taker & 
Associates. Rexnord Automa- 
tion, Tandem Computers and 
Wes-Tech Automation, using a 
mixture of electronic communi- 
cations methods. 

That in itself was a pro- 
digious achievement. And as the 
company was at pains to point 
out, it was all accomplished 
using technology available off 
the shelf. 

The essence of CIM is the 
control of an entire factory 
production system through com- 


llfll 




' - iff?" 


.. - ?-3N*v\ '-wVmw*- V 

.... .. • ^ 




Inside Impact *87: a 


demonstrator explains how computers control every aspect of the 
manufacturing process 


puters possessing a common 
database of Information about 
the factory, its capabilities and 
its products. 

The aim is to manufacture 
products with zero defects (that 
is without defects when they 
leave the factory gate) and in 
lot sizes as small as one. Lead 
times can be dramatically cut, 
the theory goes, and inventory 
slashed to nothing. 

It is a combination of a range 
of manufacturing techniques, 
all advanced in themselves in- 
cluding computer-aided design, 
robotics, Just-In-Time (JIT or 
Kanban) techniques which hold 
inventory down to the mini- 
mum, c ommunicati ons rules 
like MAP (Manufacturing Auto- 
mation Protocol) and TOP 
(Technical Office Protocol) and 
MRP II (Materials Resource 
Processing) software. 

As well as the working 
demonstration, Mr Grant Hol- 


lett of Cherry Electrical Pro- 
ducts, a manufacturer of 
electromechanical switches with 
bases in the US, UK and Japan, 
was on hand to bear witness to 
the benefits of simplification of 
the manufacturing process 
coupled with sensible use of 
automation. 

Simple techniques like the 
establishment of work groups 
for the assembly of small com- 
ponents had cut the time taken 
for the completion of a type 
of switch from SO hour* to 
between 20 and 30 minutes, 
said Mr Hollett 
Cherry, in its pl anning for 
automation had aimed for a 76 
per cent reduction in work-in- 
recess; it achieved 89 per cent, 
stated. 

It had aimed to cut the time 
taken to set up its manufactur- 
ing machinery by 80 per cent 
and achieved 95 per cent 


E 


Direct labour had been reduced 
by 15 per cent indirect labour 
by 50 per cent 

It had saved 8360,000 a year 
on its man ufa ct uri ng costs and 
had been able to achieve an 18 
per cent reduction in the cost 
of goods sold. 

Mr Tracy O’Rourke of AUen- 
Bradley agreed that 50-70 per 
cent improvements in produc- 
tivity had become routinely 
possible using CIM techniques. 

Be warned of the dangers of 
starting without a well consi- 
dered plan; it was easy to auto- 
mate a poor system and achieve 
no benefits at all: “Make the 
system great, then automate " 
be argued. 

The thousands of US manu- 
facturing industry executives 
who poured through Impact *87 
last week were anxious to learn. 
In the US at least, the CIM dam 
seems about to break. 


Why costs need to be put in step with the march of automation 


YAMAHA of Japan is the 
largest manufacturer of fork- 
lift trucks in the world, accord- 
ing to Steve Hronec, a cost 
management specialist with 
Arthur Andersen & Co * yet uses 
no fork lift trucks in its own 
manufacturing plants. 

Hronec repeats this story to 
underline his belief that tradi- 
tional cost management has 
been left behind by modem 
manufacturing methods and 
that it must change in the next 
five to ten years: “ We have to 
shift management's attention to 


improving the operational 
nature of the business ” he says: 

He is one of the main forces 
behind a new philosophy of cost 
management which has been 
developing at Arthur Andersen, 
management consultants, over 
the past few years. 

One of the basic principles in 
his philosophy is the import- 
ance of separating out all those 
things in the manufacturing 
process which add value to the 
end product and all those that 
do not 

While the overall aim should 
be to cut costs everywhere. 


Hronec argues, modem cofrt^sknply a rehc of historically 
management should emphasise poor manufacturing practice, 
cutting the cost of those things . So fork-lift 'trucks are a non- 
that do not add value to the"' value added cost 
product Yamaha understands these 

The fork-lift trade is a typical concepts, says Hronec, and has 


example; it is an expensive 
capital item, the pallets on 
which components or finished 
products are carried are a high 
fixed cost and there are signi- 
ficant labour costs associated 
with its use. 

Furthermore, on a property 
planned and integrated factory, 
there should be no need for 
Sock-lift trucks at &H; they ace 


eliminated the trucks from its 
own operations whale selling 
them to others, who gain m the 
process a hidden competitive 
disadvantage. 

With ilabour costs now some- 
where less than 10 per cent of 
product costs, traditional cost 
accounting practices which are 
heavily awed towards the 
fafcoor content in finished goods 


no longer hold water, states 
Hronec. 

Benefits of new technology 
are simply overlooked. Many 
traditional cost accounting 
systems are based on direct 
labour in the factory and pro- 
posals for automation are 
measured . against the likely 
number of workers that can be 
replaced. 

Standard accounting pro- 
cedures fall down when asked 
to make sense of investments in 
modem production technologies 
—they fail to analyse the in- 
tangibles in the investment 


such as improved quality, 
greater flexibility and lower 
inventories. 

What is concerning specialists 
in automated manufacturing is 
that the inability of traditional 
accounting to handle these 
benefits means that the intro- 
duction of advanced manufac- 
turing methods is being delayed. 

The Japanese, they argue, 
have a closer understanding 
because their top managers 
come up from the factory floor. 
And a good cost management 
system should accurately reflect 
the manufacturing process. 


Model of a 
revolution 
in the 
making 

IMPACT *87, which was on 
display within the Advanced 
Manufacturing Systems trade 
show, mimics the operations of 
two separate factories, a main 
plant based in Chicago, Illinois, 
and a smaller site in San 
Francisco, California. 

The two factories produce 
printed circuit boards, plastics 
and component assemblies; the 
essence of the demonstration is 
that computer technology 
underlies and underpins every 
stage of the order, design and 
production process. 

So, to start a typical manu- 
facturing cycle, a salesman in 
Chicago receives an order for 
a particular product design — 
not necessarily a hatch, mind; 
with computer integrated manu- 
facturing, lot sizes of one can 
be routine. 

The first of the advanced 
computing techniques used in 
Impact come into play at this 
point. Artificial intelligence, in 
the form of an expert system, 
is used to check that the design 
configuration the customer has 
requested is valid — if not, 
alternatives configurations are 
proposed. 

The order can then be 
entered and validated using the 
basic MRP manufacture soft- 
ware. This triggers a number 
of further actions — automatic 
updating of the customer order 
database for one, automatic 
retrieval from an engineering 
database of Information about 
tiie product for another. 

This information, which is 
critical to fast product design 
and therefore shorter lead 
times, is transmitted to an 
engineering workstation — a 
very powerful computer with 
a high -definition screen suitable 
for draughting — over what is 
called a TOP (Technical Office 
Protocol) network. 

TOP is one of the two 
important sets of rules for 
interconnecting computer sys- 
tems in the factory. The other, 
MAP or Manufacturing Auto- 
mation Protocol, promoted prin- 
cipally by General Motors in 
the US, links computers mi the 
factory floor. 

Special software in the work- 
station tests ihe design of the 
printed circuit board, auto- 
matically generating the list of 
materials and calculating the 
positions for insertion of the 
components to he mounted on 
the board. 


The good news is 

FERRANTI 

Selling technology 


At the same time and 

ether work5tetion, t he 

S 

design of the product, cute tte 

SKS 

^TOP^^the 

manufacturing MRP software. 

Automatic transfer of the 
engineering data eliminates the 
S* of re-entering all 
essential data at the production 
staee The computer-aided- 
Si (CAD) equipment is 
also used to design tbe factory 
layout for maximum e fficiency . 

In most factories at present, 
components spend up to so 
per cent of their time u» *** 
factory simply waiting idly to 
be processed. . . . 

The use of computer integra- 
tion makes it P ""ft* fiLSE 
ventories to be pulled 
the factory by demand rather 
than being pushed through by 
schedule. . 

The remote factory in Cali- 
fornia is linked to Chicago by 
electronic data interchange 
links, a fast and reliable 
method for computers to talk 
to each other. 

Both factories use bar codes 
and bar code readers to iden- 
tify parts and to ensure that 
the correct work order infor- 
mation— how to set up the 
machinery, how many of each 
part have to be made, what 
software is required by indi- 
vidual machines — is fed to the 
programmable logic controllers, 
robots and machine controllers. 

As the components work their 
way to the end of the manufac- 
turing process, a number of 
systems which are available off- 
the-shelf but sophisticated 
enough to be far from common- 
place in today’s factories come 
into play. 

These include robot vision 
systems to ensure parts are 
correctly-orientated and com- 
putergenerated speech systems 
which warn operators in, for 
example, the factory unit which 
manufactures a plastics resin 
coating for the printed circuit 
boards, that a particular stage 
of tiie process has been com- 
pleted. 

In the final stages the printed 
circuit boards and their hous- 
ings, fresh from computer 

MimariMlb mspbin. 


e 


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Pi l » J > 


Beecham Group personnel director 


P r Peter Jackson has been 
appointed group personnel 


PPOinted Mr Peter Knowles as Pilkington^ European flat and 1955. He took tbe additional role 
nance director and company safely glass operation and for of chairman of ICL in January 
acretary. For the last three the glass and mineral fibre busi- 1986. 


oirMror of the BEECHAM secretary. For the last three the glass and mineral fibre busl- 
232 » fro ? Jaiy ‘ 84 ** years Mr Knowles has been nesses. He wiU become deputy 
orw??f u “ TC '^ e ^ Mine * fo * group financial controller of chairman of the Pilkington 
Ae BOC Croup. Dr Jackson will Wayne Kerr. Group in August 

become a member of the group * * 

Mr Richard Matthews has been _ STC has appointed Mr Peter 


chairman of the 
Group in August 
★ 


Pilkington 


BRITANNIA BUILDING 
SOCIETY has elected Mr David 
Henry Towner to the board. Mr 


Newman — 7T." «*w»ru mannews nas ueen _ SK! has appointed Mr Peter Towner, a senior partner with 

personnel dimrmr^n appointed managing director of 5 onfle ^ “.deputy chief execu- an Edinburgh firm of solicitors, 
SaSne SHAWLANDS SECURITIES, the tive. He will assist in the task has been solicitor to the Society 

navmg reacned retirement age. finance house subsidiary of Thu establishing the group as a in Scotland since 1961, when It 

« YiVinall flpAim avu) urill t n rv TfifliOf EumnPfiR WQfl thftvi thfi ¥ ftob- Jk 


Dr Fronds J. Pocock is his appointment on July L He 
PWtoted a director of replaces Mr John Beesley who 
STRESS FOODS GROUP and retired on May 3L Mr Matthews 


finance house subsidiary of The of establishing the group as a in Scotland since 1961, when it 

Frizzell Group, and will take up major European communications was then the Leek & Moorlands 

his appointment on July L He sod information systems group. Building Society, 

replaces Mr John Beesley who This will be in addition to hJs ★ 


EXP RESS FOODS GROUP (IN- was senior vice president, bank- 
TERNAT30NAL) with response ing services, at HFC Trust 
b Silty for research and develop- * 

mem from July 1. Dr Pocock. who Mr Bryan Hope, the former 
l?s?L‘tr«. pi w2? u ? y w distribution head of Reed International's 
director, Watney Mann and Tru- business pub lishin g and exhibi- 
Brewers, replaces Dr Basil tion interests, is joining FOCUS 
“ ,e ™S com. INVESTMENTS. He is appointed 
?^3£.- l0 i tak 5 i u ?* the posipon of chairman of the boards of Focus 
technical director with HP Events and Focus Magazines. 




Barry Harks has been 


Mr Doug Forbes has been 
appointed managing director of 


appointed director in charge of IMPULSE ELECTRONICS. For 
the UK trading activities of the last four years he run 


ROBERT FLEMING SECURI- 
TIES. He was in charge of 


the R< 
Bytech. 


Reading-based distributor, 
h. This was a company 


options trading. He succeeds Mr that he was instrumental in 
Tony Field, who has decided to setting up and launching in 1978, 


leave the group. as a division of Bartow Holdings.’ 

* ★ 

INFORM SECURITY & COM- Mr Michael Mire has been 
MUNICATIONS SYSTEMS has elected a director of MrfONSE? 
appointed Mr Bernard Lockett & COMPANY, INC in the London 


Mr Peter Boofield, deputy 
chief executive of STC and 

rimlrmaq ami mana gin g dir- 
ector of ICL 


Mr Geoffrey Ware has been 
appointed south easte rn reg ional 
director of the CONFEDERA- 
TION OF BRITISH INDUSTRY. 
He suceeds Mr lan MacKfchan, 

who has retired. Mr Ware was 
previously head of the CBTs 
Africa department in its inter- 
national affairs directorate. 

★ 

Mr H A. Hardman has been 
appointed deputy director- 
general by the BRITISH AGRI- 
CULTURAL AND GARDEN 
MACHINERY ASSOCIATION 
iBagma). ^ 

At the annual meeting of the 
BRITISH EFFLUENT AND 
WATER ASSOCIATION, the 
following were elected office 
bearers for 1987-88: Mr Chesney 
Richmond, marketing director. 
Wallace & Tiernan, chairman; 
and Hr Douglas Bird, managing 


as sales director for its UK office, 
operations. Prior to joining In- 
form he was national accounts At 
sales manager for Britannia Cook, 
Security Systems. Broth 

C nnrkOi 


lining In- man and managing director of 

account At ROWNTREE Mr Derek ICL. Mr Boufield became manag- 
Bntanma Cook, a director of Pilkington ing director of ICL in September 
Brothers, has been appointed a 1984, when the company merged 
non-executive director from July with STC, and was appointed to 


existing responsibilities as chair- ^“'W, 

man and managing director of vlce ^ai rm a n . 


WINDSOR TELEVISION has 1. Mr Cook is responsible for the main board of STC in July 


CONTRACTS 

£10m work for Osborne Group 


FURNESS-HOULDER (COM- 
MERCIAL SERVICES), the 
surety and export credit arm of 
Furness - Houlder Insurance 


roup, has appointed Mr Neil P. 
Sullivan as a director of the 
Furness - Houlder (Commercial 
Services) Board. 

DUB NEEDHAM WORLDWIDE 
has appointed Mr Hark Veit a 
director. He was sales and 
marketing director of J A Shar- 
wood ana Co. 

* 

Mr Peter D. Neidfe has been 
appointed company secretary at 
HEADLAM. SIMS ft COGGINS. 
He replaces Mr A . Pennington. 

At CLARK WHTTEHILL the 
following partners have bees 
appointed to the London office 
from July 1: Mr Johan Glicher, 
director of corporate finance and 
Mr Brian Ing, director of Clark 
Wbitehlll Consultants. Mr Ian 
Dale has been appointed a part- 
ner in the Reading office from 
July L 

MICROGNOSIS INTER- 

NATIONAL, the new Control 
Data Corporation offshoot pro- 
viding trading systems to the 
world’s ftnmirtai community , has 
appointed Mr Chris BdSke manag- 
ing director. He joins from 
Control Data Financial Informa- 
tion Services where be was a 
senior sales executive. 

★ 

Mr Sydney Giltibrond, manag- 
ing director of the civil aircraft 
division, has been appointed to 
the board of BRITISH AERO- 
SPACE from July L 

Mr Tim Weir has been 
appointed a director of 
GEOFFREY MORLEY & PART- 
NERS from July L Mr Weir, 
who joined Geoffrey Morley & 
Partners in 1984, is in charge of 


European equities. He is also 
being appointed a director of 
Geoffrey Morley Unit Managers. 

Hr Richard Luff has been 
appointed by the Secretary of 
State for the Environment to the 
board of the COMMISSION FOR 
THE NEW TOWNS from July L 
He retires as director of property 
with British Telecom on June 30. 

STODDARD HOLDINGS has 
appointed Mr Ralph Ellis aa group 
managing director. He succeeds 
Hr Charles who is 

relinquishing the post In order to 
pursue other business interests. 




Mr Ralph Ellis, group manag- 
ing director of Stoddard 
Holdings 

whilst remaining a nonexecutive 
director. Eighteen months ago 
Mr Ellis became managing 
director of Stoddard Carpets 
Ltd, the group’s main subsidiary. 
He will remain managing 
director of that company. 


rSt-Bfais^herattm 

The quality oj its guests is the signal urc of a great hotel 

t utii Averse, if. 55th Street. New York. The hospitality reap! c. of ITT- 
•Toli-rrec:. in LX C$C;X5.-5.?5, in Vv. Girimr.y 0!?C-3535. 

; • ■£ 12) r53--5Ct : .-7ckx: RSj.i?.. 


Building and civil engineering 
contracts worth more than £10m 
have been awarded to the 
OSBORNE GROUP. In London, 
Osborne has won a £lRm con- 
tract to build a four-storey 
college lu Queenabury Place, 
SWI, for the French Govern- 
ment. The new building is to 
be built next to the Lycee 
Francois and designed to 
harmonise with It Construction 
will comprise a steel frame with 
brick cladding and will incor- 
porate ceramic tiles and timber 
features. 

A start has been made on a 
£850,000 refurbishment scheme 


VHUUVa — 

corner from the Virgin Mega- 
store in Tottenham Court Road, 
the red brick Edwardian build- 
ing in Rathbone Place, Wl. will 
provide 18,000 sq ft of offices 
and studios for Virgin Vision. 

Other building contracts 
include an industrial develop- 
ment at Northfleet, Kent, for 
Regent Furniture (Medway) 
(£819,00); industrial buildings at 
Dunsfold Aerodrome. Surrey foe 
British Aerospace (£495.000). 
Osborne’s civil engineering 
division has a £L3m contract 
for the replacement of boiler- 
house and associated works at 
Benenden Chest Hospital. Kent 
for the Post Office and Civil 
Service Sanatorium Society. 

Recent management contracts 
for civil engineering work in- 
clude tiie construction of tne 
Port Solent Lock (£730,000) for 
Arlington Securities, manage- 
ment contractor Sir Robert Me- 
Alpine; new car parks at Gat- 
wick for the Civil Aviation 
Authority (£820,000), manage- 
ment contractor Bavis Construc- 
tion; substructure and car park 
for a new CWS superstore at 
S lough, Berkshire (£661,000), 


4S&: Midland 

International 
Financial Services B.V. 

DM 300,000,000 

Floating Rate Notes Due 1998 


Interest Bate; 3"/e% 

per annum 

Interest Period; SOth June, 
1987. to 
29th Sept, 
1987 

Interest Amount 

per DM 10.000 

due 30ti Sept, M ^ 

Interest Amount 

per DM 250.000 

475.69 

Trinkans & BuifchanftKGaA 


management contractor Alfred 
McAlpine. 

The special contracts division of 
★ 

ALFRED MACALPINE 
MANAGEMENT has won two 
projects worth £5.75m — one for 
the Cooperative Wholesale 
Society the other for Marks ft 
Spencer. 

A former greyhound stadium 
has made way for the new £4J2Sm 
Co-Op 65,000 sq ft superstore at 
Uxbridge Road, Slough, which 
will have parking: for 530 cars. 
The single-storey building will 
be steel-framed and lattice 
beamed with aluminium roofing. 
The exterior will be faced with 
an enamelled steel panel system. 
Work has started, for completion 
in February 1888. 

Alfred McAlpine will also 
manage the £li>m contract to 
revitalise the Marks & Spencer 
department store at 35-37 High 
Street, Aylesbury. Work has 
started and involves converting 
the former first-floor storage 
area into 75 per cent more retail 
space, with new electrical, heat- 
ing and sprinkler systems. New 
staircases and escalators will 
be provided and the remaining 
areas wiU be refurbished, while 
allowing the store to trade nor- 
mally during the construction 
programme. This will be com- 
pleted at the end of September. 
* 

RUSH ft TOMPSONS has won 
more than film contracts in the 
UK including a £6m Asda super- 
store at Bedddngton Lane in 
Sutton. Surrey, work has.started 
on this 10-month contract which 
includes a 10,000 sq metres 
single-storey superstore, a 
covered service yard, car parking 
and external works. 

An £850.000 order from British 
Steel Corporation Pension Fund 
is for road and paving works at 
yitrhMTi- 


A £13m contract with Epwin 
is for a single-storey factory at 
Stafford Park Road in Telford. 
Shropshire and a £800.000 con- 
tract with Nottinghamshire 
County Council for carriageway 
repairs to the A1 Weston Bypass 
near Newark. 

The company’s Preston office 
has wan a £1.4m contract with 
North West Water Authority for 
a computer centre at Warring- 
ton, Cheshire, and In Rotherham, 
South Yorkshire, the Leeds 
office has secured a £700,000 
ffrting-out contract with Boots. 

Finally at Hawick, Borders, 
the Newcastle office has started a 
£500,000 contract with Raven- 
stone Securities for construction 
of a store and refurbishment ot 
adjacent buildings. 

* 

TRY BUILD has been awarded 
contracts totalling almost £7m. 
The bulk of the work — £5-5m — 
is a range of term contracts to 
be carried out over a period of 
three years. The major commit- 
ment at £1.7m is for defence 
establishment works at War- 
minster, Wilts, for the Property 
Services Agency. Other PSA 
jobs are at the Frater Naval 
Base, Gosport (£lxn) and Plr- 
bright Army Barracks (£600,000). 
The company has a £750,000 
term contract at Gatwick for 
maintaining buildings and carry- 
ing out small works; and a 
similar involvement at the 
Metropolitan Police Training 
College, Hendon, worth £lfim. 

A £200,000 contract has been 
awarded by the State Bank of 
India for refurbishment of the 
banking area, ground floor and 
basement at George Street, 
London, due for completion in 
the autumn. Other Loudon work 
includes an £823,000 project to 
refurbish part of Cunard House, 
Berkeley Street, and construc- 
tion of an amenity centre for 
the Audit Commission in Buck- 
ingham Palace Road at £260,000. 


UJS.S40.000, 000 SERIES 21 


TELEFONOS DE ^5% MEXICO, SA. 

(Organised under the laws of the United Mexican States) 
Six Month Notes Issued in Series 
under a 

U.S.$75,000,000 
Note Purchase Facility 

Notice is hereby given that the above Series of Notes 
issued under a Note Purchase Facility Agreement dated 
5th May, 1982, carry an Interest Rate of 7%% per 
annum. The Maturity Date of the above Series of Notes 
will be 30th December, 1987. 


30th June, 1987 

Samuel Montagu & Co. Limited 
Issue Agent 



W ©V© shortened our name* 
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Thu portion Of the underwriting b being ottered in the United States by the undersigned. 


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1 


20 


THE ARTS 


financial Times Tuesday June 30 1987 


London Galleries/William Packer 


An eye for humanity 


The well established series of 
exhibitions supported by Shell 
UK at the National Gallery, 
The Artist's Eye, in which 
distinguished practising artiste 
are invited to take their pick 
of the collections, continues this 
year (until August 16) with the 
personal choice of Lucian 
Freud- It is as cryptic, idiosyn- 
cratic and uncompromising a 
show as we shoald expect from 


him. as long on palpable master- 
pieces as it is shr 


sort on explica- 

tion. 

But this is the point of the 
exhibitions, for we would 
hardly have asked him, or any 
of the artiste before him. to 
make conventionally accessible 
choices. Yet so deeply ingrained 
has the museum habit or 
emphasis and direction become, 
that Freud's impassive tease 
has ruffled a surprisingly wide 
variety of critical feathers. 

Perhaps it is mischievous to 
show so many great and 
familiar works unlabelled, 
leaving them brooding darkly in 
the mundane, everyday, natural 
gloom of our English summer. 
But who would rather read the 
label than look at the picture 
in a natural light? As Freud 
says in a short, gnomic state- 
ment in the catalogue: “The 
uneasy silence of a man faced 
by a work of art is unlike any 
other": and he pays none of us 
a greater compliment than by 
trusting us to come to terms 
with it ourselves. 

The justification of this 
Artist's Eye is that art is not 
the creature of the art history 
industry. There is no rule 


which says that like must be set 
with like, school by school, age 
by age, for all the obvious con- 
venience to the scholar and the 
curator. Artists have always 
studied the work of the masters 
for their own ends, which are 
as likely to be technical and 
practical as theoretical or icono- 
graphies!. 

In their eyes, conventional 
categories may have their uses, 
hut only as a guide. It is no 
use here asking why Degas 
should be hung with Whistler 
and Velasquez, with Constable 
and Ingres at either hand and 
Bembrandt and Hals en face 
with Rubens and Seurat dose 
by, as if one is to be dissatis- 
fied with the answer: “To see 
what they look like." As Freud 
says: “ The paintings them- 
selves are the reasons." 

As for his choice, Freud has 
been admirably un intimidated 
by the greatest names, feeling 
quite free to appropriate no 
fewer than seven Rembrandts, 
of which five are portraits — 
three profound images of old 
age flanked by two of tender, 
opulent first maturity. To be 
presented by such a sequence 
in this unusual context is to 
be caught up afresh; to regret 
the consequent temporary gaps 
in the permanent hang would be 
absurd. So, too. it is with the 
huge Seurat “ Bathers at 
Asniferes." the Rubens “Samson 
& Delilah." the Velasquez 
“ Rokeby Venus." Constable's 
“Hay Wain” and “Salisbury 
Cathedral," Whistler's “ Miss 
Alexander” and Chardin's ex- 
quisite “Young Schoolmistress" 


and “ Madame Moitessier” by 
Ingres. Three Constables in 
all, three ravishing works by 
Degas, two great Hals; certainly 
there has been no reluctance to 
pick the best. 

Not everything is so unremit- 
tingly heavyweight, though we 
can hardly say that the quality 
falls off in such things as the 
Monet beach sketch at Trouville. 
or tbe Daumier “Don Quixote 
& Sancho Panza,” or the Vuil- 
lard conversation piece. Only 
the scale of ambition alters 
somewhat. Freud's own two 
works — included only, as he 
makes clear, at the Gallery's in- 
sistence — a recent portrait and 
figure studies, sit modestly in 
their corner but more than 
hold their own in the company. 

Indeed they supply the key 
to the whole exercise, for they 
show what kind of painter 
Freud is: physical and obsessive 
as much in his working of the 
paint upon the surface of the 
canvas as he is in his attention 
to the image and condition of 
the human figure. And what we 
find in these great works of the 
masters is not conformity of 
imagery — though they do in- 
clude some of the greatest 
images of humanity— so much 
as a unifying h uman sympathy, 
to be found as much in the 
u Hay Wain” of Constable as 
in the venerable “Margaretba 
de Geer" of Rembrandt. And 
on the surface of all these 
paintings the artist's touch is 
everywhere apparent drawing, 
modelling, working the stuff of 
paint itself. We can only hope 



The Beach at Trouville,” by Monet 


that any carping does not make 
the National Gallery lose its 
nerve with this admirable series. 
★ 

Artists 1 choices of a different 
kind have also come roaxzd 
again at the Angela Flowers 
Gallery Of Tottenham Mews, 
Wl. Artist of the Day is its 
annual festival of solo exhibi- 
tions in which a different artist 


for every day over two weeks 
to Frii 


(Monday to Friday) Is invited 
to take over the gallery quite 
literally for the day. 
Established artists were 


asked to nominate an artist 
each who deserves support. 

I can say nothing of the 
work on offer, having seen 
none of it, but I am prepared 
to say on the experience of 
previous years that a daily 
visit is seldom wasted. Tbe 
programme opened yesterday 
with Tony Sevan's runner. 
Colin Hall, first away. Today it 
is the turn of Jim Mooney, put 
up by Elizabeth Blackadder. 
and tomorrow we shall see 
Janette Boddington, Amanda 
Faulkner's choice. Anthony 


Green .and Brendan Neiland 
finish this week with John 
Kirby and Geoffrey BrunelL 
Next week's selectors are 
Nicola Hicks (whose own 
chance came this way), Patrick 
Caulfield, Bernard Cohen, Glen 
Baxter and Patrick Heron, with 
Tim Lewis, Morris Kestelman, 
Kevin Grimshaw, Andrew Car- 
nie and Alan Gouk their 
respective nominees. The pro- 
gramme is rounded off on 
Monday July 13 by Robert 
Mason's choice, Claudia Cuesta. 
Go and see them all. 


Handel in America 


Andrew Porter 


The intense Handelian acti- 
vity of the tercentenary has 
abated, but there is still plenty 
of Handel to be heard here. 
Boston's Handel and Haydn 
Society was founded in 1815 


and still goes strong. 

- Christc 


This season. Christopher 
Hogwood has become artistic 
director of Boston's H. & H. 
Hogwood conducted Athalia 
with a chorus of 32 and a band 
of 43. playing period instru- 
ments. That’s a pretty authentic 
balance; but Boston's famous 
Symphony Hall, holding about 
2,625, is much bigger than the 
Sheldonian and than the 18th- 
century Covent Garden, where 
Athalia had its first perform- 
ances. 

Boston is America’s “capital" 
of early music. The band was 
first-rate, and so was the chorus, 
trained by Jeffrey Rink, Tbe 
soloists were less impressive. 
Janice Felty — tbe delicious 
Dorabella of Peter Sellars's 
Cosi — was light casting for 
Athalia, the proud usurping 
monarch, cousin to Clytem- 
nestra and Lady Macbeth. 
Judith Nelson was a pallid 
Josabeth. Gregory Reinhart, 
the Abner, alone seized his 
music and filled it with life and 
character. But he was 
monotonously loud — seemed 
to have taken as his motto a 
line from Abner's first air, “He 
rolls his thunder through the 
gloom." 

Hogwood has yet to show 
himself a dramatic conductor. 
He has virtues: tempi are well 
judged; textures are clean and 
open: and large scores are laid 
out with a sense of proportion 
and progress. But there’s no 
fire. 

* 

In New York, we've had 
Esther, Joshua, Saul and Israel 
in Egypt recently. Esther, Han- 
del's first oratorio. Is a fresh 
and pleasing piece. Julius 
Somary conducted it with his 
Amor Artis Chorale (21-etrong) 
and an orchestra of 20, in Alice 
Tully HalL Julianne Baird was 
a limpid, exact heroine. Doreen 


Walker was a sober, earnest 
alto. John Ostendorf brought a 
nice touch of rhetoric to his 
Raman. Some of Somary’s 
tempi seemed to me on the slow 
side, but he didn't plod. 

Joshua was done in the con- 
cert hail of the 92nd Street Y 
(one of New York’s major 
chamber halls), fay the Canti- 
ctim Novum Singers, conducted 
by Harold Rosenbaum: chorus 
of 32, small band on period in- 
struments. Joshua generally 
gets a poor press from the com- 
mentators. I rather admire and 
enjoy It— no Saul, Sampson, or 
Jephtha, to be sure, but a ring- 
ing victory celebration given 
contrast by the hopes of both 
young people and old for a 
peaceful life after troubled 
years' in the wilderness. 

In the title role, Patrick 
Romano was fluent and true, 
if not quite brilliant enough in 
his delivery of words. Drew 
Water played the “godlike 
youth” and “conquering hero" 
OthnieL Tbe role was written 
for a woman, Caterina Galli, 
but one can hardly deplore 
countertenor arrogation when It 
brings such beauty of sound, 
charm and distinctness of 
utterance, and stylishness of 
phrasing. Achsah was Karen 
Beardsley, the piquant hero of 
Knussen's Where the Wild 
Things Are, but no Handelian. 
Caleb was Jan Qpalach, a fine 
singer but hard to take quite 
seriously while he insists on 
the orotund pronunciation 
mocked in Plunket Greene’s 
chapter “The Clergy and In- 
toning.” Rosenbaum’s conduct- 
ing was a bit heavy. 


Saul, sung in Tully by the 
Dessoff Choirs, conducted by 
Amy Kaiser, was overshadowed 
by a greater performance 
earlier this season at the Mary- 
land Handel Festival. This fes- 
tival, put on by the University 
of Maryland, on its campus out- 
side Washington, has become a 
focus of international Handel 
scholarship. Papers, discus- 
sions, concerts, master classes 
find their climax in an ora- 


torio: Esther, Deborah, Athalia, 
and now SauL The conference 
theme this year was the Handel 
edition, trickling from Halle at 
a snailpace; the Halle Saul, un- 
usable by any serious company, 
illustrates its shortcomings. For 
Maryland, a composite of 
materials from Novello, Chry- 
sander, Halle, and 18th-century 
parts in the Library of Con- 
gress was amassed, under the 
informed guidance of Anthony 
Hicks. 

Tbe performance confirmed 
Win ton Dean's resonant judg- 
ment: “ One of the masterpieces 
of dramatic art. comparable 
with the Oresteia and King 
Lear." It was founded on the 
skills of the famous University 
of Maryland Chorus, conducted 
by Paul Traver, a Handelian of 
rare zest, grace and energy. 
David Evitts was grand in the 
title role. Lorraine Hunt (note 
the name) was moving and 
beautiful as MicbaL Rend 
Jacobs was a trenchant David, 
John Aler a poised but too 
placid Jonathan. Patrick 
Romano was vivid in four 
second-tenor roles. The Smith- 
sonian Players, on period in- 
struments, played well. 

The New York Saul had too 
small a band (on modern in- 
struments) to balance its 72 
Bingers. and the sound lacked 
bass. Jake Gardner sang Saul 
with smouldering intensity, but 
didn’t project enough. Miss 
Kaiser's performance lacked 
largeness. ^ 

Israel was done in the 
Masterworks Choral Series: an 
enterprise that brings into New 
York choruses from all over 
the country for choral jam- 
borees employing from 300 to 
600 voices. Six of them joined 
in Israel; nine for a programme 
of Te Deums (Bruckner, 
Walton. Berlioz) a week or two 
later. Bat both events were 
hamstrung by tbe lack of an 
organ in Avery Fisher Hall. 
The Israel singers, however, 
were well prepared: to my sur- 
prise, the massed choral sound 


was light, athletic, and clear. 
Peter Taborls, who conducts, 
keeps things moving. He's 
“ traditional," but not soggy. 

At the University of Mary- 
land, there was also this season 
the American premiere of 
TolomeO' an excellent opera. In 
these pages I’ve reviewed per- 
formances in Halle (where the 
castrato roles went down an 
octave) and in Abingdon 
(where, 34 years ago. Felicity 
Lott first came to our atten- 
tion). Maryland's was better. Zt 
was uncut And it was con- 
ducted (at the harpsichord) 
and staged by Nicholas 
McGegan, a young man who 
inspires living performances. 
He's staged and conducted 
Orlando in St Louis. Tieseo in 
Boston, Seme le in Washington. 
He directs San Francisco's 
Baroque orchestra. And this 
season he made his New York 
debut with the Boston Early 
Music Festival Orchestra. 

Tolomeo is a day of island 
encounters that, as in The 
Tempest, bring crossed des- 
tinies to crisis and resolution. It 
lends itself to simple student 
performance, being without 
spectacle, magical or military. 
George Shirley (on the Mary- 
land faculty) had taught the 
students to use Italian. McGegan 
had taught them musical direct- 
ness and eloquence. He staged 
in a style neither period nor 
“ modern " but a sensible com- 
promise aDt for students un- 
trained in Baroque posturing. 

There was one outstanding 
performer Molly Donnelly, in 
tbe Senesino title role. I hope 
to hear her often again. Smith - 
son j an players, on period instru- 
ments, provided beautiful 
accompaniment This Tolomeo 
furthered tbe claim that opens 
Win ton Dean’s book Handel's 
Operas: that “ Handel ranks 
with Monteverdi. Mozart and 
Verdi among tbe supreme 
masters of opera." It made 
most of what happens at the 
Met seem tawdry. 


New Dutch Music 


Paul Driver 


On Sunday, when the 
Amsterdam Concertgebouw was 
playing under Bernstein at the 
Barbican, the Almeida Festi- 
val's patrons were discovering 
other versions of Holland's 
musical life. Two concerts of 
music by Dutch composers 
were the centrepiece of a dis- 
play which has already included 
the London ddbut of the 
talented Schoenberg Ensemble 
(in a programme of Second 
Viennese School works con- 
ducted by Reinbert de Leeuw) 
and will, at the end of this 
week, be including computer 
music by Michel Waisvicz 
(Touch Monkeys) and the 
British dfrbut of the jazz im- 
provisation group, the Maarten 
Altena Octet. 

The first of Sunday’s concerts 
was a recital at the Union 
Chanel, Nl. by the piano duo 
of Gerard Bouwhuis and Cees 
van Zeeland. Two pieces by 
Diderik Wagenaar, Stadium and 
the long and diffuse Praxis 
familiarised us with some of the 
distinctive techniques of tbe 
contemporary Dutch School — 
repetitive patterns, frequently 
consonantal harmony, aggres- 
sively bright sonorities — but 
made only an intermittently 
favourable impression. Gerard 
Bouwhuis’s fine performance of 
the English composer Steve 
Mainland's piano solo, Kgakala 
(1982), was another matter: 
this piece, written by Martland 
just before he adopted the 
Dutch manner with a will, 
struck me as a brilliantly cal- 
culated exercise in an idiom 
ultimately derived from 
Debussy’s Etudes. 

Tbe programme was com- 
pleted fay the performers' own 
two-piano arrangement of a 
40-minute large ensemble 
piece, De Stoat (1973-76), by 
Holland's leading composer. 
Louis Andriessen. It worked 
convincingly — the tremendous 
elan of the original piece was 
easily preserved, and the 
machine-like precision of its 
repetitive and “ hocketting ” 


figurations — extremely difficult 
for an ensemble to bring off — 
was enhanced, pianos being 
themselves machine-like, and 
these players haring automatic 
fingers, as it seemed. Andries- 
sen (like his pupil Martland) 
writes music out of militant 
socialistic convictions (the 
original De Stoat is a medita- 
tion on music and politics, set- 
ting a text from Plato's Repub- 
lic;. but one might have been 
forgiven while listening (o this 
relentlessly insistent (although 
inventive) piece that its com- 
poser was actually a Futurist, 
bent upon glorifying the 
Machine. 

The same paradox attended 
the performance during the eve- 
ning concert of Martland's 
abrasive Shoulder to Shoulder: 
vigorous raw inventive energies 
which by virtue of the strict ' 
rhythmic’ organisation of the 
score and its hairsplitting de- 
mands of ensemble, are turned 
in on themselves to produce an 
imprisoning effect rather than 
gain a libertarian appeal. The 
piece was composed in 1986 for 
tbe Dutch “ street orchestra ", 
De Volharding, which Andries- 
sen founded, and for which he 
wrote De Stoat De Volharding 
plays conductorless, but Mart- 
land conducted his own piece on 
this occasion, as well as three 
short items by Andriessen. The 
concert (at the Union Chapel) 
was given by a special Almeida 
13-piece jazz ensemble (includ- 
ing some playeza from the Bri- 
tish band. Loose Tubes). 

Additionally there were new 
compositions by members of the 
band (Steve Berry, Eddy Parker 
and Django Bates) — by and 
large in a familiar sombrely 
harmonized bluesy style— and a 
group improvisation; but 
Andriessen’s pieces — great 
sharp blasts of energy — were 
the attraction of the evening, 
Sarah Jane Morris was the 
gravelly and prodigious vocalist 
in two political songs — That 
Happens Then and Now and a 
Lorca setting, y despues. 


Concertgebouw/BarbicanHali 


Max Uppert 

The appearance at the Barbi- cr 

a year ago of Leonard or un poc P£* of Mahler * 5 score 


of Leonard or wn Mahler's store 

... Concertge- in quite a tew ^cator of 

bouw brought a performance lnsfaTictions, ■ ^ to the 
— "i Symphony moderation, a s « inflexion 


can _ „ 

Bernstein and the 


□ouw orougnt a penurBJ«*u« -------- __ 

of Mahler’s Ninth Symphony moderation. - ■ “ d f icate inflexion 
that was by all accounts one of of ton* or pulse, 

tbe unforgettable Mahler and shading o to to 

experiences of the decade. On S®** 1 ®***®, a 5hat it means. 
Sunday afternoon the same understand hesitations be- 

combination was tried on the small, slight 
Mahler Fourth; but the result came hu fJ f b j g signals: 
was, I would imagine, less nuances great D 0 s uert< and 
wholly successful or felicitous, everything was seemed 

The Fourth is . highly com- «5*ga«d-, "Vsfin fluency, 
plex and sophisticated struc- sp 2?r* 1 east massaged tnove- 
ture. with many layers of The i a last -f.the score 

psychological motive - tracery 5®5i- instructs the conductor 
beneath its surface; but that solo soprano 

surface is made of simple. ^“,3^ discretion, ana 
sometimes rustic song, of with maxima* heed. 

Haydn-like humour and open- too th* promised 

air freshness. B . u > n *ff’ if.j beauty re- 

Bernstein’s intuitive drama- vision of -Ti^fLinaiy out of 
tic sense and his natural "Mined foe bo? soo- 
musiciasship were richly in reach, for thoug (a ‘good. 

evidence — the moments (such ratio, Hel® u ^ +h e T(jlz 

q c unforced voice from tne iw- 



movement) where a new vista simplicities or ~~ne 
seems suddenly to open out be- line with brave corm ... • 

fore the listener w£e all de- was qmte often ,£, a f aSistein 
picted with a wonderful feeling Ip *^6 **”•* £«*- > . d i. e . 

for the gesture involved, and and the 1 Concertgebou oddly 

in every case the tonal richness tween them the 
and corporate intelligence of lumpy, inert a 

this great orchestra were won- Schubert Fifth Sympho^ . 
derfully well employed. few warm moments .n the ab 

But it was one of those dante, rather too “ a ££ 

,h a ifnmiic nnps elsewhere. Between 


But it was one of those dante. ratner 

occasions when, for me. the derous ones elsewhere. Berwe 

conductor’s enthusiasm for con- works. Michael Tippett pr 
cert-hall drama got in the way, ted ,^e conductor wfth.w 
and spoiled the outline of the Royal Philharmonic Soc.e . 
music. The word poco—as in Gold MedaL 


Music for a Large Ensemble 


Paul Driver 


Richard Be mas’s ensemble 
Music Projects/London, ex- 
panded to upwards of 40 
players, filled the Union Chapel 
at Highbury Comer with 
clamorous splendour on Satur- 
day evening during one of the 
Almeida Festival's seven week- 
end concerts, several of them 
devoted to new Dutch music. 
The characteristic sounds of 
hard, raucous, rabble-rousing 
Dutch “minimalism" were 
hurled at us at the opening of 
this concert, though these were 
actually the property of an 
English composer, Steve Mart- 
land. who lives in Holland and 
studied with tbe country’s lead- 
ing new musical figure. Louis 
Andriessen. A third nation was 
involved in his piece, at least 
as far as its title, American 
Invention, is concerned, which 
may not In fact be very far. 

For the music's intense and 
self-conscious aggression — 
richocheting marteUato chords, 
heavy-rock drumming, clan- 
gorous contributions from two 
pianos and an electric guitar— 
is directed against bourgeois 
societies in general, according 
to the composer's note, _ and 
those which allow massive un- 
employment in particular. The 
work is quite simply the musi- 
cal equivalent of a raised fist, 
and seemed to belong very far 
away from the yet more sonj- 
cally shattering but spiritually 
rather more poised pieces by 
Xenakis which fallowed it on 
tbe programme. 

Both Jalons (1986) for large 
ensemble and Alax (1985) for 


Saleroom/Antony Thomcroft 


Tribal art flounders 


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FINANCIAL TIMES 

Eu mpefl Bomns* Ncwuapcr ■ 
i LwH'hHw Hem Sliver— 


Arts Guide 


Muate/Monday. Opera and BnOet/Tuesday. Theatre/ 
Wednesday. BcMbttioraj/Thursdsy. A selective guide to 
all the Arts appears each Friday. 


June 26 -July 2 


Opera and Ballet 


LONDON 


Royal Opera, Covent Garden: the larg- 
est and most complicated of all 
Strauss's operas. Die Frau (time 
Schatten, returns to Covent Garden 
after a sizeable interval. Gwyneth 
Jones in the title role, Roth Falcon 
(Empress), Heiga Dernesch (Norse), 
Robert Schuok ( Em p er or) and Sieg- 
muad ffimagem are all new to their 
roles here; Christoph von Dobnanyi 
conducts. Further performances of 
the Bohtaae and BsrUere revivals; 

of the dull, unstylish new Man- 
on. 


English National Opera. Coliseum: fi- 
nal too performances of the season: 
Lady Macbeth t£ Mtsensk, one of 
ffie company’s most diwaBrig 
achievements, the tacky rub- 
bish-dump Carmen with Jean Rigby 
and Arthur Davies. 
i yu»«iw, St Martin’s Lane: Tbe Na- 
tions] Ballet of Canada opens for a 
season on Tuesday with a perfor- 
mance of (Sen Tetley's Alice. 

Queen Elizabeth Hall, South Bask 
Tbe London Cont em porary Dance 
Theatre opens a week’s season (A 
Tuesday with a triple bill. 


the lead in Elefcta, and Luca Ronco-- 
nTs production of Macbeth returns 
with Reoato Brusov, Jobs Varady, 
Sharon Sweet and James Morris. 

Cologne, Opera: Andreas Chenier 
stars Vladimir Popov, Wassflio Jan- 
ulake, Galina Serova and Eva Tam- 
assi. Harald Stamm, Randall Out- 
land and Machiko Obata sing in The 
Magic Flute, and Teresa Ringholz. 
Andrea Andaman. Claudio Nicolai 
and Alberto ftinairfi in Die Hochseit 
des Figaro. 

Stuttgart, wurttembergisches Staats- 
theater: Karan Armstrong, Reinhild 
Runkel, Toni Kramer and Roland 
Bracht star in Die Frau ohne Schat- 
ten. Gian Carlo del Monaco's pro- 
duction of Der Liebestrank has Lu- 
cia Aliberti and Bemd Weikl star- 
ring. Die bstigen Weiber von Wind- 
sor is also in the r e per to ry. 


Angius and Thomas Fulton in Pucci- 
ni's La Rondine directed by Pierlui- 
gi Samaritan! (Tue). The National 
Bailed with Serenade (Balanchine/ 
Tchaikovsky) and To Bend or To 
Break (Van Dantzig/Meijering) 
(Wed. Thnr) (255 465). 

Amsterdam, Stadtsach oowfacrg : The 
Belgian National Opera Company in 
Mozart's La FInta Gianftdera di- 
rected by Kari-Erost and Ursel 
Herrmann and conducted by Syl- 
valn Cambreling, with sokjists Elzie- 
ta Szmytka and Marek Torzewski 
(Tue) (242 311). 

Amsterdam, Doeteozaal (Kloveriers- 
burgwal 67). Krisztina de ChateTs 
Dance Group with Staunch (Mon, 

Tub).(23B112). 


William Forsythe, director and 
choreographer of tbe company (Sun, 
T&es). (27 70 236). 

Florence, Giardino di BoboU: PttrcelTs 
The Fail? Queen directed fay Luca 
Ronconi and conducted by Roger 
Norrington with choreography by 
Kay Lawrence and scenery and cos- 
tumes by t uriann Damianl (Wed, 
Thur) (2770238). 

Genoa, Teatro Mazgherita: Verdi’s La 
Traviata conducted by Daniel Oren 
in Jean- Pierre PonneDe’s production 
with Fianuna Izzo d’Amico alternat- 
ing with Mirian Gaud as Violetta 
(Sun. Tues, Wed). (589 322). 


NEW YORK 

Metropolitan Opera: The 21st season 


ITALY 


SPAM 


WEST GERMANY 


Berlin, Deutsche Open Madame Bot- 
terfly is conducted by Guiseppe Sin- 
opoli and stare Catherine Mamtano, 
Kaja Barns. Peter Dvorsky end 
Ludvig ppymann Natalia Trmtsk- 
aya sings the title rote in Tosca, 
with Pladdo Domingo as Cavw?a« 

dossL Sabiim Bass, UteVmring, Arr- 
ay Schlemm and Hans Better take 


Madrid* Gounod’s Romeo et Juliette' 
features Alfredo Kratts in tbe lead 
in a production of Teatro Redo, Par- 
ma. Miwnrfti Director Alain Goingal, 
stage and costumes by Giuseppe de 
TomasL Teatro de la Zarzuela, Jcv- 
eflanos 4, (Tue) 

Barcelona, opera season ends with Pa- 
tini's most successful opera ’Saffo’ 
noth Spanish top soprano Montser- 
rat Caballe and Juan Pons in title 
rotes. Orchestra conducted by Mao- 
tred Kanin. Gran Teatre del Uceu, 
San Pablo 1. (Tue). 


NETHERLANDS 


Amsterdam. Muriekthenter. The choir 
and orchestra cd tbe Teatro Commu- 
nafe di Bologna conducted by Etihrfo 


Mil—, Teatro aOa Scalar deluxe pro- 
duction of Mozart's Marriage of Fi- 
garo conducted by Bkcarda Muti 
and directed by Giorgio Strehier, 
with scenery by Ezio Frigerio and 
costumes by Franca Squandapina 
Cast indudes Ann Murray, Patricia 
Pace, Mibma P auli , Samuel Rainey 
and Giorgio Suxjan. (Sat, Tues). 
(80 9126). 

Borne, Terme di Caracalla: Rome Op- 
era opens its 30th open-air summer 
season with a new production of 
Verdi's Aida by Syivano Bussotti 
conducted by Julius Rodel (Wed). 
(46 17 55). 

Florence, (50tb Maggio Musicale): Tea- 
tro Comunaie: tost performance in 
Italy of two ballets: *New Sleep' and 
Day* to music by Tom Willems, 
Dance by the Frankfurt Stale Op- 
era’s ballet Company. Also in the 
programme, ‘Skinny’ to music by 


the first performances in New Jer- 
sey. Tosca with Marilyn Zschau and 
George Fortune plays two nights at 
Waterloo Village, Stanhope (Mon, 
Tue). 


WASHMOTON 


Well Tnqn New York City Opera per- 
forms La Traviata (Tue, Thur), Tos- 
ca (Wed). Vienna, Va (703 255 1883). 

SpotaUK (30th Festival of Two Worlds) 
Teatro Nuevo: Tbe Stuttgart Ballet 
in a dance vertion of Tennessee WQ- 
liams’ ‘A Streetcar Named Desire 1 
by John Neumefer (Fri. Sat, Sun, 
Wed). Wagner's Parsifal, sung in 
German, conducted by Spins Argi- 
ris and directed by Gian Carlo Me* 
notti (Tue, Thur). 

Teatre Com Mehsstt Mo nte zuma - 
three-act opera by Carl Heinrich 
Gram, with Kbretto by Frederick 
the Great (Fri, Sun, Wed). (Box Of- 
fice: 4D 265) (Rome: 6798 6M). 


Sotheby’s managed to 
coincide three important 
auctions yesterday morning. 
While file sale of Old Master 
prints from, the collection of the 
British Rail Pension Fund 
performed well (as reported 
elsewhere), the two other major 
auctions were disasters. 

Tribal art, always a tricky 
sector, brought in £433,939, but 
with over 66 per cent unsold, 
while the finest collection of 
books illustrated fay the sur- 
realist artist Max Ernst to 
appear on the market realised 
only £123,607. with over 56 per 
cent bought in. 

Obviously vendors, encour- 
aged by the auction houses, 
have become greedy, placing too 
high reserve prices on the 
works they are trying to sell. 
The misfortunes In tribal art 
concentrated on two lots, both 
of which were bought In at 
£300,000, which, by any reckon- 
ing, is a very high price to 
expect for such specialist 
objects. 

Sotheby’s was hoping for a 
record of $700,000 plus for a 
male figure made in wood 
around 1400 AD by the Taino 
Indians of the Dominican 
Republic, the first natives 
encountered by Christopher 
Columbus. Even its own cata- 
logue and the fact that Sotheby's 
believed the erotically carved 
figure with a tray above his 
head was used for the ritualistic 
inhalation of narcotics failed to 
excite buyers into new high 


price levels for tribal art. 

Tbe other failure was a 
Nukuoro Islands wood female 
figure with a provenance going 
back over a century. Figures 
from this island in Southern 
Micronesia are reckoned to be 
the finest abstract sculptures in 
wood known to man, but, once 
again, the reserve was too high. 

There were comparative suc- 
cesses. A Benin bronze head of 
an Oba (a king), sold for 
£110,000 — still below the 
bottom estimate of £120,000. and 
a Fang wood male reliquary 
figure was on target at £30.800. 
Tribal art is such a narrow and 
specialist market that great 
rarities can pass unwanted if 
they seem expensive. 

««£S? y rL Was £ opfng t0 

£350,000 from the Max Ernst 

But wh «n 

fiat Modes, published in 1019 
-th eight large lithographs 
inscribed by the artist went 
unsold at £55,000. as agains f 
a low estimate of £70,000. the 
writing was on the wall. There 
were, after all. 300 copies If 
this book produced, although 
roany were destroyed by the 

Tbe top price was the £ 24,200 
Paid by the New York dealer 

for ^baran 
complete. with four Ernst 
lithographs, which was limitS 

Both prices were below forecast 


Welsh National Opera 


The Welsh National Opera's 
1987/88 season — which will 
open In Swansea because the 
New Theatre, Cardiff, is still 
being renovated — wiil include 
a world premiere, three new 
productions and six revivals. 

John Metcalfs opera Torn- 
rah, commissioned by the 
WNO. will have its world 
premiere in Cardiff in May 
1068. The libretto is by play- 
wright Michael Wilcox. 

Two of the new productions 
mark the British debuts of 
their producers. Die Fleder- 
mous, produced by Helmut 
Polixa, will be sung in English 
with Suzanne Murphy and 


tO: 

Laurence Dale 
roles, conduct® 
Fischer. Salom 
Andre Engel, w, 
Rfabert Tear an 
, te Condi 
Charles Slacken 

The third new 
Traviata, will b 
Rudolf Noeite 
Italian. Susa G 
Laurence Dale w 
roles and Sir Ch. 
will conduct. 

The six revivj 
the Cunning Li 
Marriage of F 
Onegin, Tosco 
Cioeaimi. 




0 


three spatially separated instru- 
mental groups were receiving 
their first performances in tms 
country; and the composer was 
present. The works are pure 
examples of the style to which 
Xenakis, except in a few recent 
pieces, has adhered very con- 
sistently. It is a style in which 
the widest, freakiest range oi 
sonority that can be drawn 
from instruments (or voices, 
too, in other pieces) is at the 
same time highly (matheniEt:c- 
ally) organised and presented 
in the ful’ness of its raw energy. 

One is both flattened by -he 
music's physical impact and 
hypnotised by its cumulative, 
insistent and visionary power. 

Tbe pieces often strike one as 
works of nature rather than 
works of art: listening to Alar ^ 
was like peering into a splutter- r 
ing, brilliant volcano; but it was 
also like being in the middle of 
a dream. 


Bernas wielded his tripartite 
instrumental forces in Ajax 
with a sure hand— the effect of 
circumambient sound was 
thrilling, especially so when 
the drums dominated towards 
the end. Two works new to 
this country by Franco Dcna- 
toni received attractive per- 
formances. The first. Refrain, 
for an eight-piece ensemble 
including harp, mandolin and 
guitar, was a pretty confection 
of perky little figures; the 
second, he Ruisseau sur 
1'ejcolter ( 1080 ) more substan- 
tial and impressive, a score 
full of colour, heterophonies, 
and frisky activity. 


r 






Financial Times Tuesday June SO 1087 


21 











The arrival of the personal computer 
revolutionised the way businesses were 
run, bringing speed and efficiency that 
were previously unthinkable. 

That revolution, like all technological 
revolutions, was producer-led. But the., 
world since the revolution has changed. 
Business accepted and exploited the new 
technology. It invested in it; often heavily. 
The business customer today is literate in 
the new technology, and is articulate 
enough clearly to communicate his 
needs. Olivetti believes that the respor 
sible producer should listen to him. 


guarantee full compatibility with current 
market standards. Whatever they may be. 
The new models will thus take their 
place alongside Olivetti's existing PCs 
(including the recently introduced 
portable M 15) to offer the customer a 
complete range of choice in planning his 
systems 

They offer him full compatibility 
with his installed base, high computing 
power, integrated, ergonomically valid 
configurations and a modular approach 
that will allow him to expand the system 
exactly according to his needs. 


Systems evolution 

A major evolution in recent years 
j— has been in the role of 
the PC itself, from a 
stand-alone machine into 
part of a system. And this 
f evolution is closely reflected in 
Olivettes approach. For Olivetti, PCs 
are conceived as the building blocks of 
a system. 

This user requirement for a systems 
approach has demanded increasingly 
powerful and sophisticated technology. 
The consumer has, in a sense, retaken the 
.initiative. How should the producer 
respond? 

Olivetti view is clear Todays user is 
not only technologically literate but also 
financially committed. Naturally, he 
expects products that will offer him all 
the benefits of state-of-the-art technology. 

But he also has a right to expect 
products that win leave him free to enter 
and structure the system as and when he 
wants to. He needs a high degree of 


interconnectibinty, workstations that 
offer the best possible price/performance 
ratio. And he wants to be free to work with 
the market standard of his own choosing 
This is what Olivetti has set out to 
give him with its new PC offering 



Power and flexibility 

At the top of Olivetti new 
PC range will be three 
models using the powerful 
80386 microchip. These will be "the 
fastest, most powerful PCs available, 
reflecting the trend for the PC to operate 
as server in local networks that can in 
turn be integrated with minicomputer 
environments. 

These new models range from the 
M380/T tower model to the M380 
and the compact M 380/C desktop work- 
stations. The M 380 line will be flanked 
by a series of new PCs available in a 


wide range of configurations. These 
will include the M280, a powerful 
and extremely fast personal based on 
the 80286 chip with the potential for 
multi-tasking the S 281, another 80286- 
based workstation specifically designed 
to operate in LAN environments, and the 
M 240, a potent workstation that repre- 
sents a natural evolution of the highly 
successful (and widely emulated) M 24. 


Compatibility commitment 

The new models have been developed 



existing Olivetti PC range. They are all 
fully compatible with market standards. 
(They offer, for example, a free choice 
of 5.25 and/or 3.5 inch floppy disks.) 
Indeed, it is Olivetti^ firm intention to 


Complete solution 

As well as respecting the customer^ 
existing investment, Olivetti iscommitted 
to protecting and supporting it in the 
future. 

The completeness of the new Olivetti 
PC range is matched by the completeness 
of Olivetti^ global offer, which embraces 
the whole spectrum of PC-related 
products* from software to printers. 

In addition, Olivetti’s highly-qualified 
dealer network and internal staff are at 
the disposal of clients to assist in 
interpreting their needs and to provide 
full after-sales back up service. 

The new Olivetti PC offeringhas thus 
been conceived to give the user the 
maximum freedom of choice. 

To leave him free to grow and evolve 
rather than to tie him down. 

That is why we see the new Olivetti 
PCs as the choice of freedom. 

Olivetti 











I 


j 


22 


Financial Times Tuesday June 30 1987 


FINANCTALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P4SY 
Tetefinsms: Fina/rtfmo, London P54. Telex: 8954871 
Tetechone: 01-248 8000 

Tuesday June 30 1987 


Gorbachev’s 

reforms 


THE MEETING of the central 
committee of the Soviet Com- 
munist Party just finished in 
Moscow marks a crucial shift 
from piecemeal economic 
change to radical reform of the 
entire Soviet economic system. 

Mr Mikhail Gorbachev’s 
name has always been vaguely 
associated with reform since he 
came to power, and this tends 
to blur the significance of the 
turn made last week in the way 
the Soviet Union runs its eco- 
nomy. 

In fact political change, 
notably in the form of greater 
freedom of expression, has far 
outpaced economic reforms 
over the past two years. The 
system of directing the whole 
economy from Moscow con- 
tinued much as it has done 
since it was set up by Stalin 
between 1929 and 1932. 

It is this which Mr Gorba- 
chev now plans to transform by 
limiting the power of the cen- 
tral economic organs to O' r rail 
policy, giving enterprises inde- 
pendence and ultimately allow- 
ing wholesale trade to deter- 
mine the balance between 
supply and demand. 

Outlining the agenda and 
timescale of reforms Mr Gorba- 
chev said he expected it would 
take about three years to put 
them in place in time for (he 
next five year plan which starts 
in 1991. This sounds realistic. 
The Hungarian economic re- 
forms, to which Mr Gorbachev's 
proposals must be compared, 
were first drafted in 1965 and 
only implemented in 1968. 

Popular resistance 

' Three years will certainly be 
needed, if nor more, to change 
tiie whole price system. The 
way Ibis is handled is critical 
for the success of reform. All 
the talk of the financially inde- 
pendent enterprise the effi- 
ciency of which will be judged 
by profits made by selling goods 
competitively is meaningless un- 
less the enterprise is free to fix 
ins prices. 

This means a complete 
change from the present system 
under which prices are fixed 
centrally by the State Commit- 
tee for Prices and do not reflect 
a balance between supply and 
demand. Mr Gorbachev said last 
week that the inability of fac- 
tories to get higher prices for 
better products meant they had 
no incentive to Improve quality 
or introduce new technology. 

But (he switch to wholesale 
trade, while essential in the 
long term for eliminating short- 
ages, is also a dangerous period. 


It has been the key test for 
economic change in Eastern 
Europe. On three occasions 
economic reform in Poland has 
collapsed because of popular re- 
sistance to price increases, 

Mr Gorbachev is In a far 
stronger political position than 
any Polish leader but he still 
needs to tread carefully be- 
tween now and 1991. Stocks 
need to be built up to meet an 
initial surge in demand and 
where these can not be obtained 
ait home it would be worth 
allocating bard currency to im- 
port them. Everything possible 
should be done to prevent a 
short term drop in the standard 
of living before the reforms 
start to show dividends. 

Competitive basis 

A new system of price forma- 
tion is necessary to transform 
thg entire economy but quicker 
results could be obtained by 
limited private enterprise in 
agriculture and services. New 
laws now allow Soviet citizens 
to be self-employed or to estab- 
lish co-operatives as second jobs 
but Mr Gorbachev himself 
pointed out that they are still 
hedged in by a thicket of regu- 
lations administered by unsym- 
pathetic officials. 

The Soviet leader is also 
obviously eager to protect 
Soviet defence industry from 
the Impact of losing its priority 
position in the economy. This 
will apparently be done by the 
state asking for bids for defence 
contracts but because of the 
specialised needs of the military 
there is seldom more than one 
supplier so Soviet military in- 
dustry will continue much as 
before. 

Monopoly suppliers are also 
likely to emerge in the civilian 
pant of the economy. It is not 
enough to shift to wholesale 
trade: if there is no competition 
between suppliers then the 
Soviet economy will continue to 
be a sellers' market. For the 
same reason it might also be 
worth while letting foreign com- 
panies bid for some Soviet con- 
tracts on a competitive basis. 

There will obviously be resist- 
ance by central economic ad- 
ministrators in Moscow to 
changes which so reduce their 
aufibortty but there is not much 
they can do about it. In contrast 
to China, political change in the 
Soviet Union has preceded 
economic reform and this makes 
it much more difficult for poli- 
tical conservatives to attack the 
measures introduced by Mr 
Gorbachev. 


The functions of 
town halls 


C ANADA’S FINANCIAL 
services industry, long 
accustomed to a cosy 
climate of stability and cer- 
tainty, takes a big leap into 
the unknown today as it enters 
the first stage of deregulation. 

Nicknamed the Little Bang 
(to distinguish it from the 
bigger event in London last 
year), the Canadian financial 
services revolution will not only 
change fundamentally the shape 
of the domestic industry but 
will also expose it to the full 
force of international competi- 
tion. 

The Canadians, with typical 
caution, hope to minimise 
casualties by stretching their 
reforms over at least a year. 
Thus it will be some time before 
dear winners and losers can be 
identified. 

Judging by early experience, 
market participants (both 
Canadian and foreign) are 
breading more warily in Toronto 
than they did in the run-up to 
London’s Big Bang. The pace 
of mergers and takeovers in 
the securities industry is less 
frantic, the demand for 23-year- 
old bond traders is a little more 
subdued, and there is (at least 
so far) no noticeable flood of 
imported sports cars on 
Toronto’s streets. 

The gradualist approach, how- 
ever, does not detract from the 
importance of the changes 
under way, including some sig- 
nificant ripples beyond 
Canada’s borders. Mr Stanley 
Beck, chairman of the Ontario 
Securities Commission and one 
of the driving forces behind 
the Little Bang, says the 
reforms “will ensure Toronto's 
place as a major international 
market.” 

With the world's fourth big- 
gest equity market, Canada is 
widely acknowledged to be 
among the leaders of the second 
league of financial centres, after 
the US, Britain and Japan. The 
country's three main stock 
exchanges, in Toronto, Montreal 
and Vancouver, already have a 
wider international following 
than most European bourses. 

Canadian borrowers, such as 
provincial governments and 
power utilities, are among the 
most active participants on in- 
ternational capital markets. In 
addition, the number of foreign 
entities tapping the Euro- 
Canadian dollar market has 
grown rapidly in the past year. 

The reforms are especially im- 
portant for Canadian financial 
institutions seeking to broaden 
their horizons in an increasingly 
competitive market place. The 
six big banks (led by Royal 
Bank of Canada. Bank of Mon- 
treal and Canadian Imperial 
Bank of Commerce), sudh well- 
known insurers as Sun life of 
Canada and Manufacturers life, 
and securities firms like Wood 
Gundy, are among groups which 
hope to strengthen and diversify 
their bases as a result of de- 
regulation. 

In a nutshell, the reforms 
mark (he end of the traditional 
four Dillars of the Canadian 
financial services industry. Each 
of the four — banks, trust com- 
panies (quasi-banking institu- 


Bemard Simon in Toronto assesses the impact of Canada’s 
cc Little Bang” deregulation of financial services 


CANADIAN SECURITIES MDUSTRY 
Total capital 


CS-LBSbn 



BANKS 

99.6 

87.2 

^ 1 

•• 





Royal Bank of Canada 

Bank of Montreal 

UFE INSURERS 


TRUST COMPANIES 

SECURITIES DEALERS 

Canadian Imperial 

Bank of Commerce 

80.8 

Sun Life Assurance 
of Canada 

19.3 

Canada Trustee 
Royal Trustee 

24.1 

19.5 

Domfafon Securities 
Wood Gundy 

275.0 

168.3 

Bank of Nova Scotia 

64.0 

Manufacturers Ufa 

19.1 

MnHafl *■>-* — Q— 


Gordon Capital 

155.1 

Toronto-Dotniition Bank 

51.4 

Great-West Life 

13.0 

& Grey Trustee 

9.7 

Nesbitt Thomson 


National Bank of Canada 27.9 

Confederation life 

8.7 

Montreal Trostco 

7.1 

Deacon 

118.9 



Mutual life 

8.5 



McLeod Young Weir 

108.1 


LEADING INSTITUTIONS’ ASSETS 1980 C$bn 


The four pillars 
are shaken 


subsidiaries now only if (hey 
stick to the exempt, or institu- 
tional market 

The disappearance of the 
four pillars will be confirmed 
by imminent changes in the re- 
gulation of financial institutions. 
The jobs of inspector-general of 
banks and superintendent of in- 
surance will be rolled into one 
superintendent of financial in- 
stitutions, responsible for 
federally-chartered banks, trust 
companies and insurers. 

The next stage in the reform 
process will come later this 
summer when Ottawa plans to 
publish draft legislation liberal- 
ising the functions of federally- 
regulated institutions. The new 
law is expected, for the first 
time, to give trust and insur- 
ance companies full commer- 
Banks 


international investment bank- 
ing arms, the ban on corporate 
underwriting at home has made 
it more difficult for them, to 
gain lead positions in Canadian 
borrowers' Euromarket financ- 
ings. 

By the same token, owner- 
ship curbs in the domestic 
securities industry have starved 
it of new capital. The com- 
bined capital of the SO or so 


deposit-taking was brought 
home by T oronto-Dominion 
bank’s application to start a dis- 
count brokerage service in 
1985. Since then, the banks have 
played a leading part in press- 
ing for wider powers. 

• The difficulty of keeping 
foreign institutions at bay 
became clear in 1984 when Daly 
Gordon Securities (now Gordon 
Capital) one of Toronto's most 


dal lending powers, 
will be allowed to offer invest- 
tians based: on. home mortgage— ment adviee and portfolio^nan- 
and fiduciary business), in- agement services. 


The reform proposals are 
designed as much to rein 
in the conglomerates as 
to assist the four pillars 


surers and securities firms — has. 
in the past, been either limited 
■to or specifically barred from 
some types of business. 

From today, any Canadian 
company, Whether a financial In- 
stitution or not. can enter the 
securities business by acquiring 
an existing firm or setting up a 
new subsidiary. 

To give Canadian investors a 
head start foreign sharehold- 
ings in full -service securities 
dealers ere to Rfl ner 

cent until mid-1988. Foreign 
firms can set up wholly owned 


In addition, each type of 
institution will, through so- 
called networking, be allowed 
to offer the services now pro- 
vided by others. The only 
exception will be the retailing 
of insurance policies, which 
will remain the preserve of 
insurance companies. 

The changes are designed to 
sweep away some ot the con- 
straints which have hampered 
the competitiveness of Canadian 
financial service companies. 
For instance, although Cana- 
dian banks have extensive 


Canadian investment dealers is 
less than half each of the. 
biggest US and Japanese 
securities firms. 

Pressure for change has 
mounted steadily in the past, 
three years. 

Four specific developments 
have opened the dubby. 
Canadian establishment’s eyes 
to the necessity of keeping up 
with the times. 

• The realisation that the’ 
banks could cot be kept in a 
straitjacket of lending and' 


aggressive securities firm, found 

* legal loophole to form a joint 
venture with the Bruxelles 
Lambert Group of Belgium. 
Although the initiative came to 
nothing, it ignited a spirited 
debate on foreign ownership in 
the securities industry. 

• Opposition to broader owner- 
ship in the securities industry 
seems to have wilted as the buU 
market catapulted the market 
value of members to ever- 
{higher earnings multiples. 


Almost a dozen firms have gone 
public in the past 18 omnths. 

• The emergence of a number 
of powerful financial and com- 
mercial conglomerates has 
shaken the industry. Two 
group in particular — Brascan 
(corn-tolled by the Toronto 
branch of the Bronfman family 
of Seagram liquor fame) and 
the Montreal-based Power 
Corporation — have stitched 
together trust companies, 
insurers, mutual fund purveyors 
aod others to create diverse 
groups with a far wider reach 
than any other institution, 
including the big banks. 

Power Corporation is one Of 
the principal shareholders in 
Pargesa, the fast-growing Swiss 
investment group. Another of 
the conglomerates, Crownx, 
bought a minority interest last 
year in Mercantile House, tfaq 
British financial services group; 

The reform proposals ard 
designed as much to rein in 
the conglomerates as to assist 
the traditional four pillars. The 
bill, due to be published later 
this summer, is expected to put 
the brake on. acquisitions in the 
financial services field by the 
conglomerates or their con- 
stituent parts. Financial insti- 
tutions linked to commercial or 
industrial enterprises ’ will be 
required to make a significant 
equity stake available to the 
public. 

. There has been no rush yet 


to take advantage «f 

ZKSSSBs 

for several months. Royal Ba®* 
and Wood Gaudy broke off talks 

panics. Royal TruW and C^ada 
Trust have said they will, stay 
iiTof the securities business 
to avoid conflict of interest- with 

fiduciary clients. 

Unlike London’s 
foreign institutions have P* 
to set up new sub- 
sidiaries in Toronto rather ^ 
acquire existing secuntjesfirm^ 
They have baulked at paying 
the high prices — mostly .three 
« four times. *wy- 
demanded by existing firms. 

The four major Japanese 
securities houses as well 
Goldman Sachs, Satomon 
Brothers, Drerel 
Lambert and S. G. Warburg* 
are among the deften nan- 
Canadian firms which have 
recently applied for registration 
as securities dealers in Ontari®* 
They are expected to tie 
followed soon by some of th® 
foreign banks which already 
have Canadian offshoots, such 
as Citicorp and Union Batik o* 
Switzerland. But First National 
Bank of Chicago announced 
vesterday that it is to acquire a 
35 per cent stake in tv ood 
Gundy for C$270m (£126.8m). 

■ Among Canadian banks, there 
is a real fear of a clash of cul- 
tures with the richly paid, nsk 
oriented traders In the securi- 
ties industry. The banks also 
face the problem of what to ao 
with their extensive US opera- 
tions if they buy a securities 
dealer with a New York office. 
In terms of the Glass-Steagall 
Act, they cannot carry on both • 
co mme rcial and investment 
banking operations south of the 
border. , , 

. The banks have asked tile 
Government to seek exemption 
for them from Glass-Steagall m 
return for allowing US banfcsto 
enter the Canadian securities 
business. In the meantime, 
rather than gamble on an acqui- 
sition, three of the big six banks 
have decided to set up their 
own securities dealers from 
scratch. 

The. benefits of deregulation 
for Canada's financial services 
industry may eventually stem as 
much from changes in attitude 
as from spectacular -mergers 
and acquisitions. Dismantling 
traditional barriers between 
domestic players and opening 
tile market to foreign competi- 
tion is forcing Cana dian institu- 
tions to become more quick- 
footed and innovative. 

. .Mr Thomas Galt, chairman 
of Sun Life of Canada, points 
out that the insurance in- 
dustry Is going to be com- 
peting head-to-head not only 
among ourselves, but, . with 
trust companies and basks. . 

Rattier than diversify into 
the securities Held, Sun life 
plans. .to meet, the- competition 
by enlarging its insurance 
base, launching new products 
(rachas-. mutual. funds) and 
offering "tnfttee and other 7 fi- 
duciary services to its pension 
fund clients. 

A Royal Bank official pre- 
dicts that the biggest suc- 
cesses win come from net- 
working .among financial insti- 
tutions, rather than changes 
-in ownership. 

The risk is that, despite the 
gradualist approach competi- 
tion is intensifying at a time 
when financial markets appear 
to be nearing their peak.' A 
sharp downturn may make 
Canada’s little Bank louder 


Men and Matters 


THE GOVERNMENT is running 
the risk of creating a worse 
mess in local administration 
than that which already exists. 
The reason is that neither its 
motives nor its methods have 
been clearly thought through. 
Whatever their inherent merits, 
its inner-city initiatives can be 
seen as an attempt to strip local 
government of its principal 
remaining powers, first by allow- 
ing tenants, housing estates, 
schools and, in the case of 
London, entire boroughs to opt 
out of structures that are cur- 
rently administered by elected 
authorities — and subsequently 
by obliging local councils to put 
out to tender a whole range of 
services that they have until 
now run themselves. 

This follows eight years of 
expenditure controls, culminat- 
ing in rate-capping and the pro- 
posal to centralise the setting 
of the rate on business pre- 
mises. The remaining item on 
the agenda, the plan to replace 
domestic rates with a com- 
munity charge, or poll tax, has 
already been shown to have so 
many flaws that it is open to 
doubt whether it will see the 
light of day in its original form. 
Thus when the Soviet Union is 
being apprised by Mr Gorbachev 
of the diseconomies of an excess 
of centralisation, the British 
Government is embarking on a 
programme that could reduce 
local councils to talking-shops, 
with a consequent enhancement 
of the central powers and 
responsibilities of Whitehall. 

Local needs 

Some of the reasons for this 
are understandable. Most 
Labour councils have sought to 
oppose the Government's poli- 
cies, and a few of them have 
gone further and attempted to 
live beyond the law. In inner 
London, Liverpool and else- 
where "loony left" cliques have 
imposed their own often bizarre 
policies on captive councils. 
Local expenditure has proved 
difficult to control; this has 
been a source of Treasury frus- 
tration since the last Labour 
Government first saw the need 
to put a lid on town ball spend- 
ing. "Creative accounting” has 
become the norm in some 
areas. Perhaps worst of all, 
many councils have failed to 
deliver the goods in terms of 


better housing or schools of a 
reasonable standard. 

It is thus fairly common 
ground that local government 
in Britain is in need of reform. 
Reform is however, quite dif- 
ferent from the virtual aboli- 
tion that is the logical conclu- 
sion of the Government’s 
present policies. For there are 
many reasons why a healthy 
local democracy ought to be 
nurtured. It is not necessarily 
a bad thing that opposition 
parties should be able to cap- 
ture local centres of power, 
partly as a training-ground for 
national office, and partly as a 
means of enabling local com- 
munities to vote the other way 
if they so choose. Local insti- 
tutions are by definition more 
likely to be aware of local needs 
than are far-off officials. And, 
as Is argued in the latest Oxford 
Review ot Economic Policy, the 
ability of central government to 
evaluate the efficiency of local 
spending is very limited 

Wide scope 

The review points out the 
limits of the capacity of either 
central government or, in some 
cases, the private sector to per- 
form various tasks — providing 
parks, for example, or the 
management of local planning 
and traffic control. These and 
others are best locally adminis- 
tered; the drawing of the divid- 
ing line must be based on a 
whole range of different prag- 
matic considerations. The 
tiirust of the argument is in 
favour oi central government 
deciding on priorities for major 
distributional, public spending, 
with local government being 
given wide scope to implement 
the central policies. 

No progress will be made in | 
this or any other direction of 
reform until the structures or 
local government is analysed 
in tandem with the means of 
financing it The history of 
commissions on and studies of 
local authorities since the war 
is a history of efforts to solve 
one half of a simultaneous 
equation without regard for the 
other. No doubt the 
Thatcher Government’s com- 
munity charge proposals, given 
enough time, could be made 
to work. But that would not 
clear up the problem. A two- 
pronged approach is required. 


Mackintosh’s 

productivity 

Cameron Mackintosh, the 
British theatrical producer cur- 
rently negotiating with Ameri- 
can Equity about the Broadway 
production of Phantom of the 
Opera, has just celebrated 20 
years in the business. In 1967, 
he put together a touring 
version of Little Women with 
£250. His budget for Phantom 
is 88m. In between, he has 
weaned 200 productions and has 
not had a major flop since Any- 
thing Goes in 1969. 

Mackintosh, who is still only 
40. could have done without the 
US argument He is fully 
immersed In his next West End 
production. Follies, which, at a 
cost of £I.75xn. will take second 
place to Phantom in the 
theatrical investment records. 
It opens at the Shaftesbury next 
month. starring Broadway 
favourite Dolores Gray— which 
is a bit ironic considering the 
fuss over Sarah Brigbtman’s 
planned appearance in New 
York. 

Although Mackintosh still has 



“If 1 couldn’t play doubles 
better than that, Fd join the 
Alliance” 


50 “angels,” some of whom 
have stayed with him over most 
of his two decades, the spiral- 
ling cost of presenting a musical 
has now brought in big busi- 
ness. Mutual Benefit Assurance 
of the US has put £750,000 into 
Follies, and a New Zealand 
syndicate has contributed 
£250,000. 

This is a far cry from his 
greatest success, Cats, which 
very nearly failed to open 
because of the doubts of bis 
backers. The £450,000 needed 
was only raised just before 
opening night. Anyone who 
risked £1,000 then will have 
seen it grow 15-fold. Cats has 
produced a total profit of £10m. 

Thai now looks as if it will 
be topped by Les Jfflserables. 
Over 20 productions of what 
has affectionately been dubbed 
" The Glums " are already in 
the pieline and, with the Tokyo 
version alone attracting a box 
office advance of JlOm, the 
eventual return should be as 
monumental as Hugo’s novel. 

It could even solve the finan- 
cial problems of its co-begetter, 
the Royal Shakespeare Com- 
pany, which is on target to 
make £2m a year when Les 
Miserables really gets into its 
world-wide stride. 

In fact, it has all become too 
much for Mackintosh. He plans 
only one more musical, Miss 
Saigon, for 1988, after which 
he will retire from new pro- 
ductions and concentrate on 
making the most of his recent 
successes. An opera of Les 
Miserable* (starring Pladdo 
Domingo?) is planned first 
followed by the film. 


No sport 

Publicly, Jaguar was confining 
itself yesterday to discreet re- 
marks like "how disappointing-" 
Behind the scenes, however, 
could be heard the gnashing 


noises which follow teeth 
snapping shut— not on intended 
prey, but fresh air. 

Cause of all the angst Is that 
West German rival Porsche, 
having won the Le Mans 24- 
hour race in compensation for 
being beaten 4-0 by Jaguar in 
the opening four rounds of the 
world sports car championship, 
has now officially withdrawn 
from the championship mid- 
way through. It claims pressing 
business elsewhere. 

In doing so, it has deprived 
the British company of the 
possibility of formally beating 
Porsche for the world title; a 
“ disappointment ” which ex- 
tends well beyond sport and 
sportsmanship considerations. 

Motor sport is being used by 
Jaguar as a major marketing 
tool, on which some £3m a year 
reputedly is being spent Win- 
ning the world championship 
against Porsche had been seen 
as an important way of putting 
the imprimatur on Jaguar’s 
recovery, avenging Le Mans 
(the championship’s fifth 
round) and impressing a wider 
circle of prospective buyers. 

A statement from Porsche 
blamed the withdrawal on the 
” current work load in the 
Porsche racing department.” 


Circle seat 

The Untouchables — described 
by one breathless reviewer as 
"a celebration of law enforce- 
ment as American spectacle " — 
is the hottest film in New York, 
ft retells the old story of the 
ceaseless battle by incorruptible 
Treasury officials against crime 
in prohibition era Chicago. 
Written by David Mamet, 
directed by Brian De Palma and 
starring Robert De Niro as AI 
Capone, the film has generated 
box office lines to rival those of 
the smash British musicals’ suc- 
cesses on Broadway. 


Small wonder, then, that one 
man who recently shelled out 
$6 for a ticket was Rudolph 
Giuliani, US attorney for the 
Southern District of New York. 
The highly recognisable scourge 
of Mafia bosses, crooked politi- 
cians, Ivan Boesky and other 
Wall Street miscreants, con- 
fessed that he tried undercover 
tactics to see the film in peace. 
He donned a Yankees jacket and 
a Mets cap and sunglasses. But 
since even the most schizo- 
phrenic of sports fans could not 
support both New York baseball 
teams simultaneously, he was 
soon exposed. 

Spotting him, a passer-by 
exclaimed. M Jeeze, you'd think 
they'd give you a free pass.” 


Stand fast 

” President Louis Jung will 
open a public sitting of the 
Assembly's standing • commit- 
tee " (Council of Europe press 
release). 

When the standing committee 
is sitting 

Each member has got to decide 
Whether taking a chair 
Is a little unfair 
Or better than standing aside. 
And when it is standing ' in 
public 

(Or sitting, as may be the case) 
Let’s all express pity 
That such a committee 
Can seem so unsure of its place. 


Numbers game 

North Yorkshire County 
Counci now has a new tele- 
phone number, Northallerton 
780780. 

The press release announcing 
this says that further informa- 
tion can be obtained on North- 
allerton 3123. This turns out to 
be the old number— and anyone 
dialling it gats a recorded 
message giving them the new 
number. 


Observer 


EC Reliance fire 
detection systems 
protect over a million 
people and over a 
billion pounds worth 
of property... and I 
didn’t specify 
themW 



# 


§ 


t 


* 


I 


► 


r 




«. 




Financial Times Tuesday June 30 1987 


23 





David Fishlock examines the Royal Society’s study of the brain drain 

A trickle not a flood 


ALMOST AS many experienced 
scientists and engineers have 
come to Britain over the last 10 
Tears as have left its shores for 
more rewarding pastures. There 
is do net brain drain, at least 
in numbers, and the flow an 
both directions is small. 

These are the unavoidable 
conclusions of a study mounted 
by the Royal Society, Britain's 
premier science society, and 
the Fellowship of Engineering. 
These conclusions have come 
as an uncomfortable surprise to 
UK academics, who were confi- 
dent that such an exercise 
would demonstrate that British 
science was so impoverished 
that its dons were leaving in 
droves for posts overseas. 

To the chagrin of some 
scientists, the study finds the 
highly publicised brain drain 
to be what one of the overseers 
baa christened a “brain trickle-" 

The term brain drain first 
appeared in the early-1960s. as 
an evocative way to describe 
British scientists’ custom of 
{pending some time working 
abroad. R gained currency 
because of a trend towards 
newly-qualified PhDs doing a 
post-graduate speU overseas, 
often carrying out some of their 
most creative research under 
the supervision of leading 
European or US scientists, be- 
fore returning to Britain. 

In response to the USSR's 
Sputnik satellite in 1057, the 
US had embarked on a huge 
technological expansion, with 
massive state investment In 
aviation, space and nuclear 
energy, and the emergence of 
■glamorous new agencies such 
as Nasa. It began to lure — 
or keep — experienced European 
brains. Britons rose to high 
positions in Nasa and high- 
technology US companies, as 
well as in the universities. 

Everyone knew of someone 
who had struck it rich in the 
new Californian goldrush. 
Their stories were repeated 
widely. The frenetic pace of 
Silicon Valley and Route 125 
was not to the taste of every 
British traveller, but few were 
interested in the tales of those 

Who returned. 

The essentially anecdotal 
nature of evidence of the brain 
drain has been a problem since 
the term was invented. This 
timg the Royal Society set out 
to make a statistical study, 
firmly believing that this would 
provide more convincing evi- 
dence of what was widely 
perceived as a worsening 
problem for British science. 

Launcht / early last year, 
the study was based on a sur- 
vey of university depart- 
ments and industry, government 


and research council establish- 
ments. In addition to the two 
learned societies, there was 
some private sponsorship. 

The study was carried out by 
the Science and Engineering 
Policy Studies Unit, a think 
tank run jointly by the two 
principal sponsors. 

Behind the scenes, replies to 
the questionnaires have caused 
consternation. Eminent scient- 
ists even had to be reminded 
that they were in danger of 
perpetrating "bad science" in 
tbeir efforts to find a way of 
interpreting the results to sup- 
port the prevailing view of a 
mass exodus of British brains. 

Alive to some of the pitfalls 
of the anecdotal approach, the 
study tried to design its 
research to avoid the more 
obvious ones. For example, the 
questionnaire asked tor the 
names of the migrant brains, to 
avoid double-counting or dilu- 
tion of the statistical evidence 
with the impressions of who- 
over was filling in the form. 

About 750 Questionnaires 
were sent out and 568 (77 per 
cent) were returned completed. 

The returns named 617 
experienced British scientists 
and engineers who had left 
Britain between 1975 and 1985. 
plus another 314 newly-qualified 
PhDs. During the same decnle. 
685 named scientists and engi- 
neers came to Britain to work. 
Including 183 Britons returning 
from spells overseas. 

Of the 502 foreigners, 103 
were recently qualified PhDs 
coming to do post-graduate re- 
search, of whom 15 found per- 
manent work in Britain. 

Both emigration and immi- 
gration grew slightly over the 
decade. Bat, more significantly, 
the overall numbers were small 
compared with the 40.000- 
plus graduating in science and 
engineering in Britain each 
year. 


The brain drain amounts to 
about 2 per cent a year of 
newly-qualified PhDs and 0.5 

per cent or less of experienced 

scientists. 

Almost three-quarters of 
those lured overseas were leav- 
ing short-term posts. Most 
emigrants had found long-term 
posts abroad, including recently 
qualified PhDs. 

Immigrants, on the other 
hand, mostly came to Britain 
for less than three years, then 
returned home or moved on to 
another country. Four times as 
many scientists left Britain tor 
long-term posts abroad as 
entered to take up long-term 
posts in Britain. 

North America (60 per cent), 
western Europe and Australia 
were the main destinations. 
The three reasons emigrants 
usually cited for going were: 
career opportunities (and 
career limitations in Britain), 
better pay (especially by uni- 
versity respondents) and better 
research facilities. 

The brain infusion was 
mainly from western Europe. 
The most important reason 
given was a desire to widen 
experience. 

“I think there has been a 
false perception in people’s 
minds that there has been a 
flood of people leaving the 
country,” says Sir David Smith, 
secretary of the Royal Society 
and chairman of the study's 
steering group. Previously 
there was a sorry shortage 
of statistical information and 
the figures now available show 
that; on a simple head count, 
there seems to be “nothing to 
worry about ” — the brain 
trickle is in balance. 

Nevertheless. Sir David 
believes that head counts con- 
ceal some disturbing trends 
which, even if they fall to sup- 
port allegations of a mass 
exodus, do give cause tor 
worry. The problem is rooted 



Reason* 

Now 

Per a 

Bates of pay 

95 

14 

Status of science 

31 

5 

Scientific vigour 

44 

6 

Standard of living 

41 

4 

Political climate 

2 

less tion 1 

Facilities 

92 

13 

Personal reasons 

30 

4 

Career opportunities abroad 

125 

IB 

Career limitation* In UK 

122 

IS 

Working conditions 

14 

2 

Desire to widen experience 

M 

12 

Other 

r 

I 


* Respondents could choose up to three reasons. 


in a fact of science: the very 
best can be immensely more 
productive than the merely 
good. 

The study wrestled hard with 
the elusive question of whether 
it could measure quality — brain 
power — rather than numbers. 
Did the immigrant scientists 
have the same brain power as 
those who left Britain? Science 
can measure brain activity, but 
it has no comparable way of 
measuring brain power. 

The closest this study comes 
is to examine the statistics for 
the Royal Society Itself, which 
comprises about 1,000 of the 

country's best technical brains. 

The number of new fellows 
working in the US at ribe time 
of their election rose from 
fewer than 4 per cent in the 
early-19605 to more than 13 wr 
cent by the mid-1980s. But 
the rise has not been dramau. 
in the 1980s— the period of ris 
ing complaint about the im- 
poverished state of British 
science. 

Overall, the results of this 
study appear to exacerbate the 
divisions in British science be- 
tween the academics, who want 
more generous public support 
for their traditional freedom to 
pursue knowledge any way they 
choose, sat d industry and the 
Government which want aca- 
demic science more closely 
aligned with economic and in- 
dustrial objectives. 

Sir David says scientists from 
Che commercial sector who 
helped oversee the study show 
much less concern over the 
brain drain idea. They are al- 
ready operating in a multi- 
national environment and the; 
find ways to keep the brains 
they really warn. 

Universities are much more 
hamstrung. He believes that in 
some areas, such as the bio- 
sciences, his own bailiwick, it 
is becoming difficult to fill posts 
in British universities because 
of the lure of the biotechnology 
boom in the US. 

Dt is not the brain drain of 
"stars ” that most worries Sir 
David. 

More alarming is Ifoe trend 
towards Britain becoming a less 
attractive place for the brilliant 
young don, at a time when the 
US academic community is 
wanting its Government that it 
must do more to ensure there 
is enough talent in key areas of 
national interest, such as the 
bi ©sciences and materials 
science. So Britain could be in 
danger of giving away an ex- 
pensive investment in training 
scientific brains. But it is a 
problem for the fixture, rather 
than one of the past or present. 


THE PROBABILITY that a 
Euromissiles deal between the 
US and the Soviet Union will 
be reached in the autumn has 
raised all the old spectres of 
a " decoupling " of the US 
from Europe and stimulated 
widespread interest in Euro- 
pean defence co-operation 
projects. 

The latest proposal by 
Chancellor Helmut Kohl for the 
creation of an integrated 
Franco-German army brigade is 
one such idea which, however 
difficult to implement, is symp- 
tomatic of European anxieties. 

it is, of course, not the first 
time that the European allies 
have suffered jitters as the 
result of Washington's policies 
towards the Soviet Union. It 
happens every time the two 
superpowers are about to con- 
clude some kind of arms con- 
trol agreement, or whenever 
are rumblings In 
Congress about possible US 
troop withdrawals from Europe. 

Europe's fears of abandon- 
-nent by the US, if voiced per- 
sistently enough, usually pro- 
’«««•*» a cure in the form of 
political reassurances from 
Washington, and sometimes — 
as in the deployment of 
Pershing 2 and cruise missiles 
in Europe— a stronger military 
commitment. 

r f. in the present instance, 
the symptoms appear to be 
more Intractable, it is because 

■ • latest arms control pro- 
posals, coupled with the 
radical nuclear disarmament 
ideas expressed at last year's 
Reykjavik summit, have raised 
doubts about the US’" long-term 
commitment to the defence of 
Europe. 

t would be idle to suppose 
that West German — or indeed 
French and British — concern 
about the dangers of a Ce~ 
nu cleansed Europe has been 
dissipated just because the 
European allies gave the US 
their support, at the recent 
Nato meeting in Reykjavik, for 
the negotiation of a "doable 
zero" missiles agreement with 

the Russians. 

For even though London 
and Paris appear to have over- 
come their hesitations, and the 
squabbles between the coalition 
partners in Bonn have been 
sorted out superficially, Europe 
remains in an acute state of 
schizophrenia about Mr 
Gorbachev’s proposals. 

There can be little doubt that 
pnblic opinion in all three 
countries would find it diffi- 
cult to understand the rejec- 
tion of an arms control agree- 
ment ridding Europe of all but 
the very shortest-range nuclear 
missiles. At the same time, 
leaders of the three govern- 
ments are painfully aware that, 
what is really at stake is the 
western alliance’s fundamental 
defence strategy. 

The Washington Administra- 
tion can argue until it is blue 
in the face that, even after a 
Euromissiles deal, Europe will 


FOREIGN AFFAIRS 

The wrong 
midsummer 


manoeuvre 


st£D be able to depend cm an 
American strategic and tactical 
nuclear umbrella, and that 
Nate's strategy of flexible 
response remains intact But the 
fact is that, if all intermediate 
range nuclear forces (INF) are 
eliminated from Europe, an 
important stage will have been 
taken out of the Alliance’s 
graduated response system. That 
is a crucial consideration, given 
the widespread scepticism about 
the US’s willingness to use the 
ultimate strategic nuclear de- 
terrent in Europe’s defence. 

Sir Geoffrey Howe, Britain's 
Foreign Secretary, can hardly 
be accused of not being a loyal 
ally. Yet he voiced European 


allies— not least the US— agree 
that, following an INF deal, the 
problem of conventional forces 
will assume much greater 
importance. Since it is scarcely 
conceivable that the US will 
agree to make a bigger effort in 
this field— indeed the trend is 
in the opposite direction — the 
Europeans will be required to 
play a much greater role in 
their own defence. 

No one in Paris or Bonn 
doubts that such e development 
would have to be based, in the 
first instance, on a much greater 
co-ordination of the two major 
Continental powers’ military 
efforts. 

However, Mr Kohl is putting 



Europe remains in 
a state of 

schizophrenia about 
a c double zero 5 
missiles agreement 
with the Soviets 


fears In the clearest possible 
terms in a speech to the 
Belgian Institute of Inter- 
national Relations even before 
Mr Gorbachev doubled his zero 
option in April. "Europe no 
longer dominates American 
thinking as much as it did in 
the past ..." he said. "A 
distaste for reliance on nuclear 
weapons la not a new 
phenomenon in America. 

"It is not in the American 
nature to be happy when held 
hostage to an irresistible threat. 
Some have long questioned 
whether the US would ever be 
prepared to use nuclear 
weapons in response to a 
Warsaw Pact conventional 
attack in Europe." 

Chancellor Kohl's proposal 
for the formation of a Franco- 
German brigade must be seen 
in this context. All the Nato 


the cart before the horse by 
proposing a joint brigade before 
attempting to sort out the 
infinitely more basic and thorny 
question of the incompatibility 
of German and French military 
strategy and doctrine. In addi- 
tion, there is the little matter 
of the absence of a joint Euro- 
pean foreign policy which would 
set the political objectives for 
common military operations. 

What, it may be asked, is the 
point of putting a bunch of 
German soldiers into kepis and 
filling their knapsacks with 
camembert if there is no agree- 
ment on whom they are going 
to fight or what they should 
defend? 

like it or not the French 
must accept that the West Ger- 
man armed forces are fully 
integrated in Nato and are thus 
subject to the orders of the 


Supreme Allied Commander in 
Europe. France, on the- other 
hand, was taken out of Nato’s 
integrated military command— 
though not out of the Alliance 
—by General de Gaulle in 1966 
and has a national defence 
policy based essentially on an 
independent nuclear deterrent. 

The long-standing Gaolllst 
doctrine that the "force de 
frappe” must be used only to 
defend France’s national 
"sanctuary" would preclude the 
extension of the French nuclear 
shield to West Germany, as has 
been suggested by a number of 
prominent West German Chris- 
tian Democrats and Mr Laurent 
Fatoius, the former French 
Socialist Prime Minister. 

The proponents of this idea 
argue that such a gesture would 
be a dramatic demonstration by 
France of Its commitment to 
the forward defence of Europe. 
There can be no doubt that it 
would be seen by others in this 
light. The only snag is that 
neither President Mitterrand 
nor Mr Jacques Chirac's 
Government appear prepared to 
grasp such a dangerous nettle 
at the moment, particularly 
with a French presidential elec- 
tion on the horizon. 

The best Mr Chirac can do 
when this problem is posed is 
to tie himself up in sibylline 
knots. Phrases like “France's 
security begins on the Elbe, 
but its survival 1s at stake on 
the Rhine” can only reinforce 
the view that the sacrosanct 
Gaullist defence doctrine is not 
about to be jettisoned. 

Nor, when push comes to 
shove, would Bonn want to be 
faced wRh the dilemma of hav- 
ing to choose between a Nato 
—mainly US — security guaran- 
tee and one provided by France. 
If the two systems cannot be 
reconciled, the betting must 
always be that it will plump 
(for <the former. 

What the West Germans and 
other members of the Alliance 
would obviously tike to see— 
and this is probably Mr Kohl's 
unspoken objective — is closer 
links between France and Nato. 

There are certainly no 
illusions that France will re- 
turn to Nato’s integrated mill , 
tary command. President 
Mitterrand has said as much In 
categorical terms. But he has 
also stated equally firmly Ids 
belief in the Atlantic Alliance 
as one of the main pillars of 
French security. Significantly, 
at the Nato meeting in Reykja- 
vik, Paris signalled that it 
wanted to take a more active 
part in the organisation’s work. 

That for the moment offers 
a more realistic prospect of 
sorting out the strategic and 
doctrinal contradictions, in? 
herent in defence projects 
embracing France and West 
Germany, than any mid-summer 
gimmick of dressing up in each 
other’s uniforms. 

Robert Mauthner 



i 



> 


i i 
u 



Anachronistic 

tax 

From Mr F. Carr 

Sir.— Capital Gains Tax is 
looking increasingly anachronis- 
tic, and there seem to be 
logical and compelling reasons 
why it should at least be 
substantially modified. 

In the first place, it inter- 
feres with free market forces. 
Although there are not the 
gross distortions that short term 
gains taxed as income pro- 
duced — Poseidon would never 
have hit £125 a share otherwise 
— I estimate that in our client 
base alone there is around 
£500m of shares which the 
owners do not want to sell 
because of unwillingness to pay 
CGT. Given that CGT is an 
expensive tax to collect, there 
is an argument which says that 
bv removing CGT. turnover 
increases and with it the take 
from stamp duty. 

Another anomaly is the CGT 
exemption on disposal of an 
individual's principal residence. 
It seems strange that we can 
borrow up to the hilt to buy 
a principal residence (which 
increasingly seems to be re- 
garded as much as an invest- 
ment as a roof) with a view in 
many cases to making a thump- 
ing great tax-free profit and 

lag Jam™ 

thee tracing 
Exchange 


down. Stock 
investments, how- 


ever, the increased use of which 
f would have thought were 
rnnre useful in the long run to 

ETeSSSr f h x„3 iid ' 3,tiil 

property, are clobbered. 

With a nice majority and 1 up 
five rears to run. wouldn't 
i® w be Vhe time for the Chan- 
n0 .w ‘n lookat CGT in the 
“5?/^ of why Selwyn Lloyd 
it to the first place 
& France Act), how 
(tn ine --p ^ its current 

JJ ft fs^aStine complexity 
stsj 3 is relevant in 

' wcmlc 

climate! politically 

OUnoiulJ 1 ,, seen to •>» 

undesirable to Market 

encouraging ■- j ee d any other 
speculation, o» ia term .. invest- 
form „ of hl , n'i*er should 

discouraged too 
speculators - destroying 

much, f Or - “ r - he market, 
the MukM! jt an hardly 

Today. h ?, u . e ’/-^erous to be 
be political 1 * genuine 

seen to be * - e instead of 
equity mvest investment. 
« id enticlpr^ woDldbcto 
The best sol u -° damD thing 
do away vn*»e bvi01is iy this 
completely ^ Ul d j there J 
won’t **P^ n J£ively 
believe, a ich would satjsfr 
alternative upon which 

the e 1- mV 

mSffSSi «T 

This would b- per cent on 
at a fiat rare wiJ* 1 ® 

chargeable L t he 

six months. abandon i wdgj 
exemption * lised after 

tion. Gainf r ^‘ m pt. It is 
period would he 


Letters to the Editor 


not practical to apply this to 
residential property, but you 
could discourage rapid move- 
ment by increasing stamp duty, 
which would then be partially 
refunded after more than one 
year’s residence. 

Fred Carr. 

Capel-Cnre Myers, 

65, Bolbom Viaduct, E CL 

Tnnnel 

vision 

From Mr C. Burt 

Sir,— Anyone who frequently 
crosses the channel knows there 
' is ample capacity at present 
Furthermore, it is obvious when 
demand increases it can be 
readily satisfied by introducing 
additional ferries, or by sub- 
stituting larger ferries, at 
modest capital cost — at least 
modest relative to the projected 
cost of the tunnel] 

Given the capacity situation, 
normal commercial consider- 
ations would suggest Euro- 
tunnel, to justify its multi- 
billion pound speculative 
plunge, should hold out a 
r easona ble expectation of it 
providing substantially cheaper 
transportation for freight and 
passengers. It does not. 

The only other valid reason 
for building the tunnel could 
be reduced journey time; but 
let us look at tills. If the tunnel 
is built, it is possible that pas- 
sengers may be able to travel 
between London and Continen- 
tal destinations some two hours 
more quickly than If they use 
a ferry or hovercraft, but this 
would largely be because road 
and rail facilities on both sides 
of the Channel are to be up- 
graded, something which can 
still be done, without the tunnel 
being built. For real speed, 
people will continue to fly, mak- 
ing use of the new London 
Stolport where appropriate. 

To get freight from A to B 
a few hours quicker is of no 
commercial conseqence, and 
does it really matter whether 
it takes the family 24 or 26 
hours to reach its favourite 
Mediterranean resort? 

The foregoing strongly sug- 
gests the tunnel should not be 
built The scenario, however, 
becomes much more worrying 
if, as is quite probable, two or 
three years into construction it 
becomes clear, that to complete , 
the project will cost perhaps 1 
£3bn more than forecast At ' 
this point it is too late to stop, , 
so the Government steps in to 
bale out the project, or, alter- . 
natively shareholders are 
taught a capitalist lesson and 
are allowed to go to the wall 
while the banks pour more 
money in. in order to complete. 
Either way the nation ends up 


with a tunnel it doesn't need at 
a cost which makes no economic 
sense. At least the Sydney 
Opera House fills a need and 
is beautiful! 

The enormity of the proposed 
expenditure seems to have 
numbed the common sense of 
our politicians. It is for this 
reason we must turn to our last 
line of defence, the men and 
women who manage institu- 
tional money. Please do your 
organisations, your own repu- 
tations and the nation a good 
turn by refusing to finance this 
gigantic boondoggle. 
Christopher H. Burt. 

Rue da Bemel 28 Bte. 4, 

1150 Brussels. 

Agricultural . 
reforms 

From Professor A. Buckwell 

Sir , — I was cheered by the 
news that a non-farmer had 
been appointed Minister of 
Agriculture (the first such case 
for a Conservative Government 
for a long time). This optimism 
was short-lived as I read your 
report (June 24) of his speech 
to the agriculture EDC. The 
minister apparently stated that 
“Our aim must be agricultural 
reforms worldwide to bring pro- 
duction and support back to 
more realistic levels while en- 
suring a decent standard of 
living for all in agriculture." 

The first part of this sentence 
is entirely clear and correct It 
emanates from the commit- 
ments made by trade Ministers 
at the Punta del Este meeting 
of the GATT and repeated by 
heads of state at the Vienna 
summit. TOe last part of the 
sentence however is at best 
confusing and ambiguous. If it 
is taken at face value it betrays 
either a fundamental misunder- 
standing of the current prob- 
lem of agriculture or a gross 
deceit on present farmers and 

farmworkers. 

The minister surely cannot be 
makin g an open ended offer to 
protect the standard of living 
of all those currently engaged 
hi agriculture regardless of 
their efficiency, costs of pro- 
duction or whether there is a 
market for their produce. i 

Although he has been at his : 
job for only several weeks, it ! 
is time the Minister of Agrlcul- < 
jure understood that it is quite 
impossible simultaneously to 
reduce agricultural output 
reduce supports to fanners and 
ensure a decent standard of 
living (preserve the incomes?) 
for all those in agriculture. 

Reducing over-production and 
the consequential public costs 
are inescapable t goals.. It would 
be more realistic and construc- 
tive if farm ministers con- 


fronted fanners with the awful 
truth that the pursuit of these 
goals must mean fewer farmers 
if any of them are to have 
decent standards of living. 
(Professor) Allan Buckwell. 
Department of Agricultural 
Economics, Wye College, 
University of London, 

Wye, Ashford, Kent 

Representation 
and taxation 

From Mr J. Shaw 

Sir, — On the first day of 
the current session of Parlia- 
ment your paper reports (June 
26): “Mr David BJunkett. 
Labour, former the leader of 
Sheffield City Council, pleaded 
for the recognition of the poli- 
tical, economic and social 
diversity of the UK rather than 
having policies Imposed on 
local communities by central 

Government" 

Mr Blnnkett is then reported 
to have stated that "Local 
councils, like trade unions, had 
stood in the way of restructur- 
ing of our economic and social 
life, so that instead of the 
democracy of the ballot box, 
the democracy of the bank 
balance will be the operation 
of our democracy in a Conserv- 
ative Britain.” 

So far as the disbursement of 
local government funds is con- 
cerned. there is no democracy 
of the ballot box and certainly 
there is no democracy of the 
bank balance — at least not in 
so far as the providers of local 
government monies are con- 
cerned. . _ 

In Manchester, for example, I 
believe some 70 per cent of the 
rates, by value, are contributed 
by businesses which have no 
vote in local elections. Of the 


FURTHER LETTERS 
Page 35 


30 per cent of the rate contri- 
buted other than by businesses, 
probably little more than one- 
third of eligible voters ever 
bother to cast their vote in 
local elections, and not all 
these vote in local elections, 
and not all these votes go to 
one political persuasion. This 
ZQ'/ms that the mandate for 
Socialist policies in a once-great 
city like Manchester is decided 
by persons who have contri- 
buted probably less than one- 
tenth of the funding necessary 
to run the community. 

Surely this is not democracy 
at all and central government 
must do something to overcome 
the unfairness of this system in 
which the providers are 
"milked" to ensure the con- 
tinued existence of muddled- 
th inkin g and parti san councils. 

What happened to the old 
slogan " No taxation without 
representation? ” 

J. Neil Shaw. 

John Reynolds Group, 

21, Quay St, Manchester. 


WE’VE GOT MORE THAN AN EYE FOR DETAIL. 
LET US OPEN YOURS. 



CaWGBOlHE EKCCFBCnLnWO 


Attention to the minor details are points which many builders 
often overlook bi their haste ta complete a contract. 

Tfet these same details are the ones which people mustoocstantly 
live with, and can reflect so badly on a builder's reputation. 

At Kter we Hte» p^as mudi attention to the finer deoils as we do 
to the whole construction process. 

So at the end of the day youH |f I £ 1 

be as happy as we are with every 
single contract. 

It’s just one of our traditional values which, along with our peopfe, 
tgchnkal.expertise and the financial resources of the Beazer Group, 
has enabled us to grow into the majoi; yet attentive company we 
are today 

And [fan attitude such as ours has caused you to raise your 
eye brows a little, why not talk to us, and well open your eyes to a 
lot more. 

If you would like to know more about Kfer please telephone or write 
ta Richard Allen, Chairman and Chief Executive, Kler Limited, 

Tfempsfonj Hall, Sand* Bedfordshire, SG19 2BO. TeT: (0767) 40ITI. 

A MEMBER OF THE BEAZER GROUP. 


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FINANCIAL TIMES 


Corporate Advisory 
Partnership 


TOTALLY OBJECTIVE 
COfffORATE FINANCE ADVICE 


Tuesday June 30 1987 


Stewart Fleming evaluates the impact of a moderate Justice's retirement 


US Supreme Court in the balance 


Conservatives and liberals were 
full of foreboding last Friday 
following the announcement 
that moderate US Supreme 
Court Justice Lewis S. Powell 
was retiring. • 

- The vacancy opens the way 
for President Ronald Reagan to 
appoint a conservative in his 
place and tip the balance of the 
Supreme Court to the right per- 
haps for a generation. 

Suddenly the right wing 
sensed its best, and perhaps its 
last, opportunity for years to 
realise the dream of seeing laws 
reflect its robust convictions 
such as abortion being imraoraL 

'We seem to be only one vote 
away from ending the abortion 
holocaust,’ said right-wing Re- 
publican Senator Gordon Hum- 
phrey. 

T am appalled. This means a 
lot of bad things for the civil 
rights community,’ countered 
Ms Marcia Levicfe, director of 
the National Organisation for 
Women's Legal Defence Fund. 

That the resignation of a gen- 
tle 79-year-old lawyer, who is 
looking forward to Lhe opportu- 
nity to 'start playing tennis 
again' should trigger such emo- 
tive reaction reflects a number 
offactors. 







3s? 



sponge has unleashed a storm of 
criticism from the right, which 
is arguing that the Senate's job 
is to pass judgment on the com- 
petence of whoever the Presi- 
dent decides to nominate, not 
on his or her political philoso- 
phy. The liberal response is that 
the constitution requires the. 
President to seek both the 'ad- 
vice' and the 'consent* of the 
Senate before making his nomi- 
nation. 


Hie US Supreme Court 


In part it is a response to the 
man himself and the role he has 
played at the Supreme Court, a 
role which led one observer to 
describe him as 'the most pow- 
erful individual in America.' 

In part, the judgments reflect 
the central role which the Su- 
preme Court itseir plays in 
American political life. 

BoLh right and left recognise 
the power of the Supreme Court 
in equal measure. In the 1950s it 
was not the Congress but the Su- 
preme Court, in its role as the 
interpreter of legislation, which 
made the key decision that led 
to the breakdown of segrega- 
tion. Its decisions have also led 
to the reinstatement of the 
death penalty and the assertion. 


in 1973, of a constitutional right 
to an abortion. 

Justice Powell has been the 
pivotal Figure on the court in re- 
cent years. A moderate, ap- 
pointed in 1972 by President 
Richard Nixon, he has general- 
ly sided with the liberal wing of 
the nine-member bench on so- 
cial issues. He has been firm in 
opposing judgments that might 
narrow the separation of 
church and state and be has re- 
sisted right-wing conservative 
efforts to ban abortion. 

Frequently, he has been the 
fifth or swing vote on such 
cases. Just as consistently, how- 
ever, on issues involving crimi- 
nal law he has joined with the 
right wing of the court. He has 
for example, opposed efforts to 
declare the death penalty un- 
constitutional 

Were President Reagan to 
succeed in nominating an ideo- 
logical conservative to the 
bench to replace him, the bal- 
ance of power on social issues 
could shift decisively to the 
right. 

The possibility of an historic 
transformation in the tenor of 
the Supreme Court's judgments 


may be tanlalisingly close but 
the President’s right-wing sup- 
porters know that it is by no 
means assured. Already, the 
subtle checks and balances on 
the powers of the different 
branches of government are in 
evidence. 

Much as Mr Reagan and his 
conservative allies might tike to 
tilt the balance of the court 
firmly to the right, their capaci- 
ty to do so is In doubt To 
achieve this goal, the President 
must quickly nominate a Justice 
who shares his conservative so- 
cial philosophy and secure his 
confirmation by the Senate. 

But Mr Reagan's opportunity 
comes at a time when his au- 
thority is eroding. Moreover, 
the Senate, which must approve 
his choice, is now in the hands 
of the rival Democrats, and the 
Judiciary Committee which will 
first consider the president's 
nomination is chaired by Sena- 
tor Joseph Biden. a Democratic 
presidential candidate who has 
already signalled his intention 
to oppose vigorously the ap- 
pointment of a right-wing Con- 
servative. 

Senator Biden's initial re- 


signs of divided counsels 
have already surfaced in the 
White House, where pragma- 
tists are urging the President to 
accept political, realities and 
nominate somebody who will 
not be too controversial and can 
expect speedy confirmation. 

The conservatives are urging 
the President not to be fain- 
thearted and let pass this his- 
toric opportunity to ensure that 
his political philosophy lives on 
after he leaves the stage. 

The scene is being set for a 
classic political confrontation. 
By nominating a conservative 
the President has an opportuni- 
ty to rally a demoralised right 
wing. But he must doubt wheth- 
er by doing so he can emerge 
victorious and secure his nomi- 
nee’s confirmation by the Sen- 
ate. 


UK 'brain drain' is a myth says report 


BY DAVID HSHLOCKtSCIENCE ED1T0RJN LONDON 


BRITAIN'S " brain drain* - at 
least as far as scientists and en- 
gineers are concerned - appears 
to be something ora myth. 

This is the principal finding 
of the first-ever statistical sur- 
vey conducted of Britain’s 
much-publicised flight of intel- 
lect 

Conducted by the prestigious 
Royal Society, Britain's premier 
science body, and the Fellow- 
ship of Engineers, the study- 
shows that relatively few scien- 
tists and engineers have left the 
UK to work overseas. Moroev- 
er.their numbers are almost 
balanced by foreign scientists 
arriving to work in Britain. 

The study fails to support tbe 
case of academics who have ar- 
gued for a substantial expan- 
sion of public funds to try to 
stem an exodus of scientists al- 


ready taking place 

Much to the chagrin of some 
of Britain's scientists one of the 
study's overseers concludes 
that the highly publicised 
"brain drain" is.in reaiity.no 
more than a "brain trickle.* The 
numbers leaving amount to less 
than 2 per cent of the total sci- 
entific community a year. 

The term "brain drain” first 
appeared in the early- 1960s as 
an evocative way of describing 
the custom of British scientists 
spending some time working 
abroad, often doing their best 
work under the supervision of 
European and US scientists 

Previous studies of the 'brain 
drain' have always relied on an- 
ecdotal evidence and have 
painted a much more alarming 
picture. 

Nevertheless, the study re- 
veals some disturbing trends, 


suggesting. Tor example, that 
trained people leaving the UK 
may do so on a longer-term ba- 
sis than those who seek jobs in 
Britain. 

Sir David Smith, biological 


secretary of the Royal Society 
and chairman of the team which 
supervised the study, writes in a 
foreward; The majority of those 
leaving the UK did so for 
long-term posts abroad; most 
foreign scientists and engineers 
coming to Britain from overseas 
came for relatively short peri- 
ods.' 

The study disclosed worrying 
signs that, over the last 10 years, 
many recent PhDs left Britain 
without ever having taken up 
employment in this country,' Sir 
David writes. A greater propor- 
tion of scientists is staying 
abroad permanently than was 
the case 10 years ago. 


The survey was made by cir- 
culating a questionnaire to 750 
university and other research 
centres and groups. Of these, 
568 or 77 per cent were complet- 
ed and returned. Universities 
achieved an 83 per cent re- 
sponse. 

The study also investigated 
Fellows of the Royal Society, as 
a self-selected elite of the UK 
scientific community, and found 
an increasing proportion was 
resident abroad at the time of 
their election. But the propor- 
tion has not been growing rap- 
idly during the 1980s. 

The migration of scientists and 
engineers to and from the UK 
Published by the Royal Society, 6 
Carlton House Terrace, London 
SWIY5AG.£15. 


Trickle not a flood. Page 23 


Jaguar will spend British insurance 


£lbn in Britain 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


brokers to merge 


BY NICK BUNKER IN LONDON 


JAGUAR, the UK luxury cars 
group, will spend £lbn ($1.61bn) 
over the next six years to im- 
prove and expand its factories 
in Coventry, its chairman, Sir 
John Egan, announced yester- 
day. The company is also pre- 
pared to spend an additional 
£50m a year on research and de- 
velop menL 

Sir John insisted all the mon- 
ey - about £190m a year - could 
be provided from Jaguar's own 
resources. The future is 
looking much more certain*, he 
told the Fleet Street Motoring 
Group. 

The cash will help expand the 
current two-model Jaguar car 
range into one of three "fami- 
lies" based on the existing XJ6 
saloons and XJS sporting coupe 
plus a new sports car, probably 
to be called the F-type. 

With these products Jaguar 
expects to build sales and out- 
put. only 14,000 in 1982, to 48,000 
this year, about 55,000 in 1988 
and more than 100,000 in the 
mid-1990s. 

The body shop and engine 
production facilities will have 
to be expanded to cope with this 
advance, and Sir John said the 
company would introduce ex- 


tensive automation to final as- 
sembly lines - in spite of the 
great difficulty this would in- 
volve for a company with Jag- 
uar's level of output 


This would enable the compa- 
ny to continue to improve pro- 
ductivity at the rate of 10 per 
■cent to 15 per cent a year with- 
out taking on more people. - 


Since 1981. Jaguar has cre- 
ated 5,000 jobs and is now the 
biggest employer in the Coven- 
try area. The current workforce 
of 12,300 would be increased to 
12,750 by the end of this year. 


If all goes to plan. Jaguar's 
productivity. 1.2 cars per man 
per year in 1980 and currently 4 
cars, will rise to 5.5 cars by 1990, 
in line with productivity at its 
larger West German rivals, Mer- 
cedes and BMW. 


Changes to Jaguar products 
would be more frequent - each 
model would be replaced after 
eight years, following a major 
"faceliRT after four - so the com- 
pany could speed the introduc- 
tion of new technology to its 
cars, keep op with the Germans 
and be ahead of the Japanese. 


WILLIS FABER has launched a 
£253m ($407m) agreed bid for 
Stewart Wrightson, a fellow UK 
insurance broker, in a move 
that could create the world's 
fifth biggest insurance broking 
group. 

The move was *not defensive, 
bnt offensive,* said Mr David 
Rowland, chairman of Wrighl- 
son, which is about half the size 
of Willis, the second biggest 
UK-based insurance broker af- 
ter Sedgwick Group. 

Mr David Palmer, chairman of 
Willis, one of London's stron- 
gest marine, aviation and rein- 
surance brokers, said Willis 
had looked at the league table 
or the world's leading brokers 
and seen that they were either 
very big, or were small speci- 
alised companies. 

"There is very little middle 
ground.* be said. "We wanted to 
maintain our position as a ma- 
jor player in the international 
league." 

Willis is offering three of its 
ordinary shares for every Lwo of 
Wrigh Ison's in an all-paper of- 
fer which values Wrightson at 
600p ($9.66) per share, given 
Willis’s share price which 
closed down 37p at 400p last 


□ighL Wrightson gained 85p to 
585p. 

Mr Rowland said the price 
was "a frill one but a fair one" 
Willis already holds 4.6 per cent 
ofWrightson's shares. 


The merger proposal follows 
nearly two months of talks be- 
tween Willis and Wrightson, 
which was created out of a 
merger of three family busi- 
nesses in the 1970s but is now a 
big airline insurance broker at 
Lloyd's of London, a prominent I 
broker to British industrial 
companies, and a leading bro- 
ker of so-called "surplus lines* 
of hard-to-place insurance in 
the US. 


Mr Palmer said the merger 
would satisfy Willis’s aim of ex- 
panding earnings on the ground 
jn the US. It also had the bless- 
ing of New York-based Johnson 
& Higgins, which since 1899 has 
been a key source of business 
for Willis and has a 5 per cent 
shareholding in the British 
group. 


J&H had indicated that it 
wanted to maintain its stake at 
this level after the merger, Mr 
Palmer added. 


World Weather 


Guerrillas attack 


iSL ! 


£5?* f 

State C 
Bombay F 
Barium 5 
Bnroeb F 
BwtacMt F 
a Aims e 
Cabo S 

Cape Tom S 
Caracal C 

Cnrtttna C 

C 

Cdogno s 
Capnbagtn R 
Carte S 


T T 

27 77 DBbrevM S 

26 » Edtainb F 

SB 79 Fan S 

31 BB Horace S 

«MM ftaokhat S 
34 83 FundU S 

91 75 teM S 


■C f. 

2S TO 1 Rhodes 
22 72lRfada.ro 


UnkoCBy 


12 St Safctwg 

- -SmAmtese 


Gammy S 

HeWnU C 

H. Kong S 

InutMKft S 

m an u a l F 

Uamebad S 

Istanbul S 

•Mara R 

Jersey S 

Joturg S 

Lima C 

Lisbon 8 

London C 

Loo Anode* C 

Luxembourg S 

■rind S 

ar i 


C 32 so ted 
S 29 H Sfcnpm 
C 22 72 Stockhofcn 
c 17 u Endn 
V a 78 Sydney 
F 23 73 Taipei 
F 31 U Tritfm 
C 33 91 TdJW* 

S 41106 Tenerife 
C 2S 77 Tokyo 
S 28 84 Toronto 


S 20 88 Valencia 
S 22 72 Venice 
saw Vtmne 
C 26 79 WW*w 
B 26 79 nabtatfM 
C 12 51 Weft 


■ e *f 
saw 
s at 75 
f a as 
s 28 B 2 
C 19 66 
C 90 
S 33 91 
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saw 

S 16 61 

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S a 77 
c a a 

q M 75 
P 27 II 
fws 
saw 

S 28 79 
F » 72 


Lebanon prison 


Pimm 9 * N SMW| 

Heytjnar C 12 StlWeft 

fl a ring! at mfcXfar yMiinfer 
C-Ctoote Mtade F«r (**» H 
S£un S&ea SnSnoer T-Thariar 


GUERRILLAS launched a rock- 
et and machine-gun attack on a 
controversial prison run by a 
pro-Israeli militia in south Le- 
banon, yesterday, wounding al 
least five militiamen, according 
to security sources, Reuter re- 
ports from Sidon. 

The security sources quoted 
residents of the Khiam village, 
inside Israel’s self-declared 
border 'security zone.' as saying 
the guerrillas attacked the 
Khiam prison early yesterday 
morning. 

Sounds of rocket and heavy 
machine-gun fire echoed across 


the village in the first reported 
attack on the prison, located in- 
side an aid barracks run by the 
pro-Israeli South Lebanon Ar- 
my (SLA). It is believed to house'- 
some 300 to 350 inmates, mostly 1 
radical Lebanese Shia Mos- 
lems. and stands on a heavily- ■ 
guarded hilltop at the edge of 
Khiam. 


The sources said at least five 
SLA militiamen were seen tak- 
en in ambulances from the pris- 
on to a hospital further south in 
the Christian town of Marjey- 
oun. the SLA stronghold. 


Caterpillar 
faces long 
haul to 


head off 


Komatsu 


Given the special circum- 
stances of this appointment - in 

J articular the feet that the next 
ustice could tilt the balance of 
the court to the right for the rest 
or the century - the Democrats 
are saying they intend to insist 
on their rights to advise as well 
as to consent and the President 
will ignore these rights at his 
periL It is no empty threat 

Liberal Democrats are warn- 
ing that if Mr Reagan nominates 
an Ideologue the confirmation 
hearings will not begin until af- 
ter the August recess. Such a 
delay would strengthen the 
hand of those telling the Presi- 
dent to appoint a moderate. 


By fan Rodger In Tokyo 

CATERPILLAR TRACTOR, 
the big US construction equip- 
ment group, tomorrow sets out 
to break down one or Japan's 
great postwar industrial myths 
through a joint venture with 
Shin CM and Mitsubishi. 

The myth is about Komatsu, 
the Japanese construction 
equipment maker which has 
grown from relative obscurity 
to the point where it chal- 
lenges Caterpillar for world 
leadership. 

As Komatsu officials tell the 
story, polished from years of 
retelling, theirs was a small 
company in tbe early L960s. 
struggling to turn out cheap 
machines. Suddenly, in 1962. 
the Japanese Government 
eliminated most of the high 
import tariffs and quotas that 
had been applied on construc- 
tion equipment. Many analysts 
predicted that Komatsu and 
other local companies would 
be engulfed by the mighty Cat- 
erpillar and other US and Eu- 
ropean giants. 

Komatsu managers and 
workers bent valiantly to the 
task, developing ever better 
machines and concentrating 
on quality controL The compa- 
ny not only survived the Cater- 
pillar onslaught in Japan, it 
went on to become the US com- 
pany's major competitor 
around the world. 

The story has a charming 
quality to iL but it omits a cou- 
ple of important facts. For ex- 
ample, when Caterpillar ar- 
rived in Japan in 1962. 
Komatsu was already the domi- 
nant force in the Japanese 
market, with a 55 to 60 per cent 
share, and not the weakling 
the story suggests. 

More important, a glaring 
strategic mistake meant that 
Caterpillar was unable until 
this week to compete in hy- 
draulic excavators, the fastest 
growing and now largest sec- 
tor of the Japanese construc- 
tion equipment market. 

For some reason. Caterpillar, 
which built its fame and for- 
tune on bulldozers, scrapers 
and other very large machines, 
ignored the trend to excavators 
until quite late in the day. It 
began making them only in the 
early 19<0s. 

Even then, the company was 
effectively frozen out of tbe 
Japanese market in this sector. 
Its entry into Japan in 1962 
had been made through a joint 
venture with Mitsubishi Heavy 
Industries. 

The venture took over iHIU's 
bulldozer and loader lines, but 
tbe Japanese company contin- 
ued some minor lines on its 
own. Then, when excavators 
came along, Caterpillar was ei- 
ther not interested or had 
nothing to offer, and so MH1 
went ahead on its own in that 
line too. 

Thus a situation evolved in 
which Caterpillar maintained 
a healthy share of the bulldoz- 
er and loader markets in Ja- 
pan, bot left the fast-growing 
excavator market to Komatsn. 
Hitachi. MHI and others. 

The US company eventually 
realised its mistake and tried 
at various times to convince 
MHI to bring its excavator 
operations, which meanwhile 
had expanded worldwide, into 
the joint venture. Bnt MHI 
showed no interest in these 
proposals ontil tbe market 
started to weaken in tbe early 
1980s. 

In 1984. the chairmen of the 
two companies met and agreed 
that they were both losing 
business because they were 
not fall line suppliers. 

Last year, the two announced 
plans to bring MHI's excava- 
tors into their joint venture 
and to consolidate their world- 
wide excavator marketing. To- 
morrow, those plans will be 
translated into reality with the 
creation of a new joint venture. 
Shin Catcrpiilar-Mitsnbishi 
(Shin CM). 

Caterpillar is absorbing 
MHI's worldwide hydraulic 
excavator business outside Ja- 
pan. Within Japan, Shin CM 
will absorb tbe manufacturing 
and distribotion activities of 
both Caterpillar-Mitsubishi 
and MHI in the leading con- 
struction equipment lines. The 
Mitsubishi name will disap- 
pear from excavators (except 
mini excavators, which it will 
continue to make on its own). 

The deal also has a highly in- 
novative element Shin CM is 
taking over exclusive responsi- 
bility for the design of all Cat- 
erpillar excavators. Caterp>I~ 
lar has observed that nearly 
three- quarters of all the exca- 
vators on the market are de- 
signed in Japan. Also, because 
of the importance of the Japa- 
nese market, tbe group Teels 
that the Japanese content in 
its machines should remain 
high. Caterpillar has sent 20 
engineers from the US to join 
the design effort. 

Whether all this will pay off 
remains to be seen. The new 
venture starts from a promis- 
ing position. MHI has 10 per 
cent of the world excavator 
market. Caterpillar 8 per cent. 
However, even together they 
are still behind Hitachi, the 
number two with 21 per cent, 
and some distance from Ko- 
matsu. which leads 


<£> 


TEfPfWfc OMB91360 


THE LEX COLUMN 


A calculated 


risk 


There is little arguing with the 
logic of the Willis Faber/Ste- 
wart Wrightson merger. If size, 
and the ability to spread over- 
heads across a wide range of 
business, is the only way to com- 
pete in a world beginning to 
show signs of a downturn again, 
the two had to join farces with 
someone and who better than 
each other? In terms of fit it will 
not take much pushing to put 
the jigsaw pieces together. And 
both can make a fair claim, as 
thev would, to be quality busi- 
nesses. So long as there is no 
great exodus of staff, it looks 
like being one of tbe mergers of 
old done for reasons of commer- 
cial sense rather than account- 
ing wizardry- . 

The only question is over the 
terms. If the merger is best for 
both, why should Stewart 
Wrightson shareholders get the 
better end of the deal? They 
will, on the three for two terms, 
end up with more than their fair 
share of the enlarged group. 
The problem is that with the 
deal structured as a takeover 
Willis is aLraosl obliged to pay a 
premium, if only to keep any un- 
friendly counter-bidders out. 

| And as Willis has been keen to 
make an acquisition like this 
for years it would be foolish to 
quibble over the price. Argu- 
ably a chunk or Willis* earnings 
- from Morgan Grenfell - are 
worth less than insurance brok- 
ing returns anyway. And the di- 
lution. at about 7 per cent this 
year, should not take too long to 
overcome given all those 
savings and benefits which 
should accrue. 


S te w a rt 

\Wrightsof 

. 


appears that much stronger. 
That has raised hopes that, not- 
withstanding a downturn in the 
mining business, Dowly could 
make up to £67m pre-tax this 
year, putting the shares on a 
prospective multiple of about 
14. Not too expensive, given the 
high quality of most of the com- 
ponent businesses. 


Share Prices relative 
- to FT-A 
All-Share Index 


Out of print 


J F M A M J 
1987 


serve a quota, and the usual 
margin of error by other pro- 
ducers, Opec's fourth quarter 
output could well reach the old 
figure of 18.3m b/d. But the mar- 
ket should be able to absorb, 
that, when it materialises. 

The real test for Opec will be 
at its next meeting, when mem- 
bers will be confronted with the 
need, not to allocate production 
increases, but to share the bur- 
den of production cut-backs af- 
ter the end of the northern 
hemisphere’s winter. 


Opec 

In the UK it is said that the 
best way to neutralise a prob- 
lem is to appoint a Royal Com- 
mission to investigate iL Within 
the Organisation of Petroleum 
Exporting Countries the stan- 
dard method of defusing critics 
is to appoint them to a special 
committee. So the domination 
of a new ministerial committee 
on prices by supporters of a 
much higher oil price is a sure 
sign of continuing control by 
those who favour the $18 barrel 
and spurring the West to great- 
er consumption of oiL 

The decision to change the 
fourth quarter production ceil- 
ing from 18.3m barrels a day to 
I6.6m bid was just what was re- 
quired to keep spot prices buoy- 
ant With Iraq's refusal to ob- 


Dowty 

Contrary thinking has always 
been a sure way to make money 

- so long as everybody else is 
wrong. Dowly Group has decid- 
ed. at what might be thought a 
vulnerable time in the world 
economic cycle, that its share- 
holders will best be served if 
the company gears up. British 
industry generally has been tak- 
ing every opportunity to reduce 
'borrowings, but Dowty's smooth 
ride through the last recession - 
aided by a strong balance sheet 

- has left it with fewer neuroses. 
So although net debt will be 
about 40 per cent of sharehold- 
ers' funds fallowing the acquisi- 
tion of Hydraulic Units Inc. in- 
vestors should have tittle fear of 
being hit with a rights issue, 
particularly after the injection 
of more than £20m of overprov- 
ided tax back into the equity 
base. 

The lOp rise in the Dowty 
share price yesterday, to 284p, 
may seem a bit odd, since tbe 17 
per cent increase In pre-tax 
profits to £55.7m was already, 
discounted. But the £3.3m 
charge against redundancies 
above the line was much bigger 
than expected, and so the un- 
derlying trading performance 


At least investing in old mas- 
ter prints like Durer's The 
Whore of Babylon made a 
change from taking a humdrum 
stake in, say, GKN. The British 
Rail Pension Fund's controver- 
sial policy of investing in fine 
art was concocted, of course, in., 
the very special circumstances' 
of the mid-1970s, when inflation 
was rocketing to 25 per cent and 
in the worst year, 1974. the real 
value of equities halved. The 
deCUsipn was politically clumsy, 
beiWiSwSSiaSj^l “ ith 
real eepabinic for 

investment by m l.P- ot l “5H tu ' 
tions/aad tt was nor e 
by ony Other significant fund. \ 
But ; yesterday's £2m sale 
Sotheby's of the cotiec'.ioa ot 
prmtsboughi between 19 <4 and 
1980 suggests that the rate ol re- 
turn: objectives, at least. 
reasonably satisfied. 

• : In' aggregate the fund seems 
to . have ■ trebled its m^ncy >Q 
nominal-terms for an i- era.. re- 
al return of 3 per cen: a 
That Would have seemed more 
than acceptable at the t*me. 
Gilt-edged and property have 
not peretyrufti ail. ' »2<tu Aiiit,**.. •.# 
better since then. Yet equities 
have been another matter en- 
tirely, 2nd the opportunity cost 
of diverting money from the 
roughly 15^?er cent real return 
oh UKertHnary sh*.va ..’as >been 
considerable. \ 

The basic objective of fine art \ 
investment for the trustees was. 1 
however, as a diversification, 
and .the real failure of: he poli- 
cy was that the trustees lacked 
the nerve to pursue their strate- 
gy in the face of criticism from 
everywhere except, perhaps. 
Bond Street The book value of 
£40m is under ! per cent of the 
fhnd's total assets '.though pre- 
sumably Ibis is a significant un- 
dervaluation judging by yester- 
day's auction), li is tempting to 
find symbolism in the fact that 
one of the art treasures heaved 
oat by the rail men yesterday far 
£66,000 was Goya's A Bull At- 
tacked by Dogs. 


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EARNINGS 

GUIDE 


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the City is expecting from major companies. 


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Texaco wins SEC backing 
for $10bn damages review 


BY JAMES BUCHAN IN NEW YORK 


TEXACO, the US oil company, has 
won a small but important victory 
in its bid to overturn a SlObn 
damages judgment that has driven 
it into bankruptcy. 

The company, which has operat- 
ed under the protection of Chapter 
11 of the bankruptcy code ainr? 
April, announced yesterday that the 
US Securities & Exchange Commis- 
sion (SEC), the federal regulatory 
body for the securities industry, 
was backing its effort to gain a 
bearing from the Texas Supreme 
Court 

In a filing earlier this month, 
Texaco requested that the state Su- 
preme Court overturn the damage 


judgment swarded to Pennzoil, the 
Texas oil company which sued Tex- 
aco for illegally interfering with a 
binding agreement when it won a 
battle for Getty Oil in 1384. 

The award, fixed at SlO^bn by a 
Houston jury in 1985, was reduced 
by an appeals court earlier this 
year but is now more than S10-3bn 
with accumulated interest 

In a letter published by Texaco 
yesterday, the SEC said it would 
file a brief urging the Texas Su- 
preme Court "to accept the case for 
review” on an element of federal 
securities law which is the key to 
Texaco's appeal 

Texaco has argued that its pur- 


chase of Getty could not have dam- 
aged Penn soil's because PennzoiJ's 
own offer for the West Coast oil 
company was illegaL 

SEC regulations prohibit a com- 
pany that has made a public tender 
offer from doing private deals with 
the target company's stockholders. 
The purpose is to ensure that ail 
public shareholders receive the 
same treatment 

Texaco has argued that Pennzoil 
broke the law by offering to pur- 
chase the 12 per cent of Getty Oil 
held by the J. Paul Getty Museum 
of Malibu, California while its ten- 
der offer was still outstanding. 


Lonrho to make assets disposal 
with sale of British casinos 


BY CLAY HARRIS IN LONDON 

LONRHO, the international trading 
company, is to makp a rare assets 
disposal by selling its eight British 
casinos to Brent Walker Group, the 
UK property developer and leisure 
company, for £128m ($205m). 

The deal includes some of the 
most famous gaming houses in Lon- 
don, including Crockfords in May- 
fair and the International Spo rting 
Chib in Park Lane. 

The transaction gives Lonrho a 
large profit on the £65m book value 
of the casinos. Brent Walker will 
acquire freehold and long leasehold 
properties valued at up to £150m. 
The acquisition will increase Brent 
Walker’s size by 60 per cent 
Mr Paul Spicer, Lonrho director, 
said yesterday; It was too hi gh an 
offer to turn down.” 

The casinos contributed pre-tax 
profits of £L9m in the six months to 
March 31, more than in the entire 


previous year, but the reliance on 
high-ro lling foreign gamblers made 
perfo rmance unpredictable. 

Brent Walker, which was granted 
the first casino licence in the UK 
and owns three others, expected to 
be able to increase profits through 
staff incentives, according to Mr 
George Walker, chairman ft nd 
executive. 

His company will continue to op- 
erate the casinos. The International 
Casino Club in Brighton on the 
south coast of En gland, which 
prompted Mr Walker's initial ap- 
proach, will move to the town's mar- 
ina development and its present 
site will be used for the group's lei- 
sure activities. 

The cash flow from the casinos, 
estimated by Mr Walker at £80m 
annually , will help fund its prop- 
terty and leisure developments. 
These include a marina cm the east 


coast of England, a sports arena 
near London and a French holiday 
complex. 

The sale proceeded even though a 
rival bid worth more than Cl 50 m 
was subsequently put before Mr 
Tiny’ Rowland, Lonrho’s chief ex- 
ecutive. 

Included in the sale are Charlie 
Chesters and the Golden Horseshoe 
in London and Metropole Casinos 
elsewhere in tbs UK. 

Brent Walker will fund the sale 
through a El 31. 7 m rights issue of 
convertible preference shares pay- 
ing a net dividend of 6 per cent 
Shareholders will be offered 12 con- 
vertible shares at £1 each for every 
five ordinary shares they hold. 

Brent Walker shares added 28p 
yesterday to close at 381p. Lonrho 
shares also advanced, closing 13ttp 
higher at 279p. 


End of era 
as machine 
maker files 
Chapter 11 

By WHUam Had in New York 

ALUS-CHALMERS, which in its 
heyday was one of the most pros- 
perous US heavy machinery mak- 
ers, yesterday filed for protection 
under Chapter 11 of the US bank- 
ruptcy code, underlining the fall of 
one of the most famous names in 
tbe mid-Westers “rust belt” indus- 
tries. 

Hie 140-year-old-group, which at 
its peak employed 29,000 people in 
operations ranging from the manu- 
facture of heavy constructions 
equipment to power generator and 
agricultural tractors, announced 
yesterday that Allies-Chalmers Cor- 
poration and its US affiliates had 
filed voluntary petitions for reorga- 
nisation in the US bankruptcy for 
the Southern District of New York. 

Overseas operations, which em- 
ploy two-thirds of its 9,000 work- 
force, are not affected. 

Allis -Chalmers is a shadow of 
what it once was, and its decision to 
put its US businesses into the 
hands of tbe bankruptcy courts fol- 
low its inability to get speedy ap- 
proval for a restructuring plan 
which included the sale of almost 
all of its remaining businesses. 

Mr Wendell Bueche, AlHs-Chal- 
mers’ chief executive, said yester- 
day that in recent years the group 
had been restructuring and reduc- 
ing the size and scope of its busi- 
nesses in order to meet the "com- 
petitive demand,* of the drastically 
changed world marketplace.” 

He said that the operating results 
of the groin's remaining operations 
had improved considerably in the 
last two years and he expected the 
momentum to continue. 

However, the company said that 
the funds generated by its US oper- 
ations are currently inadequate to 
meet its US obligations. 

It had a negative US cash flow erf 
more than S24m in 1988 and an- 
other S2m outflow in the first quar- 
ter of the current year. 


ARGENTINE SHIPPING LINE HEADED FOR A TRIM AFTER DECADES OF SUBSIDIES 

Ebna faces the surgeon’s knife 


BY TM COONE IN BUENOS ABIES 

IF ALL goes to plan, as it rarely 
does in Argentina, the state-owned 
shipping line should be one of 
the country's first loss-making pub- 
lic companies to face the surgeon’s 
knife with a view to bringing its bal- 
ance sheet back into the black. 

The surgeon is Mr Enrique Olive- 
rs, president of the new state hold- 
ing company, whose Olympian task 
is to trim tiie fot off all the state sec- 
tor companies, accustomed to dec- 
ades of state subsidies and staffed 
by powerfully-unionised workfor- 
ces. 

in a diagnosis of ^imi^ published 
last month, Mr Olivers said the 
company’s fleet “is not tbe most ap- 
propriate for the services offered by 
the company, is oversized and is af- 
fected by the excessive purchase 
price of its ships." 

He said that by the end of Octo- 
ber a programme would be started 
to renovate the fleet, selling off ol- 
der ships and contracting new ones 
on time charter and to "incorporate 
private repfaii to the company to 
improve its efficiency.” 


THE man wielding the surgeon's knife at Ehna is 
Enrique OUvera, president of the new state holding 
company* His task is to trim the fat off the state sector 
companies - which have become accustomed to' 
decades of state subsidies and are staffed by powerfully 
unionised workforces. His recent view was that Elina’s 
fleet was not the most appropriate for the services. 


As Argentine public sector com- 
panies go, Ehna is by no means the 
worst in financial terms. Operating 
losses last year were only S17m, 
down from S27m in 1985, although 
heLow-the-line tosses were $209m 
doe to book-value tosses on the sale 
of 12 ships. 

The fieet presently consists of 39 
owned ships with a further four 
leased on time-charter. Most are 
general cargo types although the 
company's first container ship was 
delivered by a local shipyard earlier 
this year and another is under con- 
struction. 

Dr Ricardo Passman, a vice-presi- 
dent of the company, said: There is 
still a high degree of obsotesence in 


the fleet, though, and it will have to 
be reduced further. As we lack 
funds for major new investments 
we shall begin leasing new ships on 
bare-bull charters, to operate them 
with Argentinian crews, and end 
the time-charters.” 

A series of strikes have hit the 
company in the past weeks, be- 
cause of the restructuring plans. Mr 
Luis Fiorenzo, a seamen's union 
leader, said he had seen a company 
document which spoke of selling 27 
of the company’s ships "which will 
make most of the 3,000 seamen in 
the company redundant” 

Dr Passman said: It is only a 
working hypothesis. Nothing has 
been decided yet apart from the 


four ships that are already on sale. 
We are not planning any layoffs 
and any redundancies to be made 
will came through by simply not re- 
placing staff that resign." 

Elma has a workforce of 4JJ00 
which, according to the recent com- 
pany diagnosis carried out hy Mr 
Olivers, needs shaving bad by a 
third to place it on a par with pri- 
vate sector shipping companies in 
Argentina. 

How private capital is to be incor- 
porated is still not clear. For the 
first time, the company’s accounts 
are to be published at the Buenos 
Aires Stock Exchange this year. It 
is for information purposes and to 
test interest,” said a senior compa- 
ny executive. There is no decision 
yet to sell shares in the company.” 
said a senior company executive. 

The reason for the caution boils 
down to a political one. Unions and 
political opponents of privatisation 
arvi ra ti o nalisati on are already mi 
the march, and a bad choice of pri- 
vate sector partners could be da- 
maging for the Government 


Merger scheme 
studied by US 
regional banks 

By Our Financial Staff 

MARINE Corporation of Milwau- 
kee has received a 5412.5m merger 
proposal from Marshall & Qstey, 
signalling another combination of 
two smaller US regional bank hold- 
ing companies. 

Marine said yesterday its board 
would consider the proposal but 
said no date had been set for the 
board to meet 

Under the Marshall & Dstey pro- 
posal, which would be structured as 
a combination of equals, Marine 
shareholders would receive cash or, 
at Marine's option, Marshall & Ds- 
ley common stock, or a combination 
of ea^H and stock, equal to at least 
$62JH) of Marine common share. 


BfG operating profits 
plummet to DM 166m 


BY HAIG S1MOMAN M FRANKFURT 


BANK FUEB Gemeinwirtschaft 
(BfG), the bank formerly controlled 
by West Germany's trade union*;, 
saw its partial operating profits in 
1988 plummet to DM 186m (S89.7m) 
against DM 311m in the previous 
year. 

BCG’s profits would have been 
lower still had it not sold a mmlwr 
of share stakes as part of the deal 
hammered out between the BfG’s 
former trade union owners and 
Aachener and Muenchener, the in- 
surance group which took control of 
BfG at the start of this year. 

Selling its 25 per share in 
the VoHmfoersorge insurance 
group, the jewel in BfG’s crown, 
probeUy raised about DM 700m, al- 


though flw win would not confirm 
tite figure 

Interest income dropped by 8.4 
per cent to DM 898.6m, while com- 
mission gaming s rose by 8.3 per 
cent to DM 203.7m. The bank’s over- 
all interest margin slipped to 1.9 per 
cent from 2 Si per cent in 1985. 

However, profits from own-ac- 
count trading had been “again satis- 
factory”. 

As a start, the hank is setting up 
BfG Service later this year to mar- 
ket a range of financial services, in- 
cluding insurance, mortgage and 
banking products, using its own em- 
ployees working out of BCG's 25 
largest branches. 


Dutch group 
seeks protection 
from creditors 

By Laura Raun In' Amsterdam 

BREDERQ, the fmanftari y-fom ftMfrtl 
Dutch contracting and property 
group, was forced to seek court pro- 
tection from its creditors yesterday. 

The company said application to 
the c our t s had been the only way to 
save its healthy domestic construct- 
ion subsidiaries. It planned to wind 
down the rest of the group. 

Bredero was hit last week by a FI 
21m ($R38m) claim by court ap- 
pointed receivers for Breevast, a 
real estate subsidiary, 38.7 per cent 
owned by Bredero.. 

Yesterday’s court protection ap- 
plies only to Bredero’s holding com- 
pany and not to its operating subsi- 
diaries. 




t appears asai 


r of record only 


June 1987 





Associated Book Publishers PLC 




Disposal of a 35.9% interest 
held by 

Roy West Thist Corporation (Bahamas) Limited 


to 


International Thomson Organisation Limited 


COUNTY NATWEST 

acted as adviser to 

RoyWest Thist Corporation (Bahamas) Limited 

&The Nafiflfest lorowtntent Bunk Group linked 







This advertisement is issued in compliance mkh the requirements of the Council of The International Stock Exchange of tbe 
United Kingdom and the Republic of Ireland Limited and does not constitute an offer of, or invitation to thepubtic 

to subserve for or to purchase, any securities. 



Kingdom of Sweden 

Yen 50,000,000,000 
4 3 /s per cent. Bonds Due 1992 


Issue Price: 101 3 /s per cent. 


The followingbaoe agreed to subscribe or procure subscribers for the Bonds: 


IBJ International Limited, 


Sumitomo Trust International Limited 
Bank of Tokyo Capital Markets Limited 
Banque Bruxelles Lambert SA 
Citicorp Investment Bank Limited 
Daiwa Europe Limited 
DKB International Limited 
Mitsubishi Trust International Limited 
Morgan Guaranty Ltd 
New Japan Securities Europe limited 
Nomura International Limited 
S venska Handdsb anken PLC 
Union Bank of Switzerland (Securities) Limited 
S.G. Warburg Securities 


Yasuda Trust Europe Limited 
Bankers Irust International Limited 
Banque Paribas Capital Markets Limited 
Credit Suisse First Boston Limited 
Deutsche Bank Capital Markets Limited 
Merrill Lynch International & Co. 
Mitsui Trust International Limited 
Morgan Stanley International 
TheNikko Securities Co., (Europe) Ltd. 
Salomon Brothers International Limited 
Swiss Bank Corporation International Limited 
Wako International (Europe) limited 
Yamakhi International (Europe) Limited 



Ireland Limited, subject 
aireai; the first payment bang due on 2nd July, 1988. 

T.i-ttiiT 


isting particulars relating to the Bonds are available in the Excel Statistical Service and copies may be obtained during 
sual business hours up to and including 2nd July, 1987 from tbe Company Announcements Office of The Stock 


usual business hours up to and including znn July, i« 
Exchange and up to and including 14th July, 1987 from:— 

Hoare Govett limited 
4 Broadgate 
London EC2M 7LE 

30A June, 1987 


The Chase Manhattan Bank, NA. 
Woolgate House 
Coleman Street 
London EC2P2HD 





Financial Times Tuesday June 30 1937 


United Leasing pic 


Inspectorate EaE Group Limited 

a subsidiary of 

Inspectorate International S.A. 


We acted as financial advisor 
to United Leasing m tins transaction 
and assisted in the negotiations 


Merrill Lynch Capital Markets 


June 1987 


U5i200.000.000 

CONTINENTAL ILLINOIS OVERSEAS FINANCE 
CORPORATION NX 

(Incorporated with limited liability in the Netherlands Antilles J 

GUARANTEED FLOATING RATE SUBORDINATED 
NOTES DUE 1994 

Guaranteed on a Subordinated bass bjr 


Continental Illinois Corporation 

(Incorporated with limited liability in Delaware. USA) 
fen accordance with the provirions of the Notes and rite 
Reference Agency Agreement between Continental Illinois 
Overseas Finance Corporation MV. and Citibank, NA, dated 
June 24, 1982, notice b hereby given that the Rate of Interest 
has been fixed at 7 3 A% p.a. and that the interest payable on 
the relevant Interest Payment Date. September 30, 1987. against 
Coupon No. 21 wiB be U5.$ 188-47 in respect of U.S.J 10,000 
nominal amount of die Notes. 


Jane 30. 1987, London 

By: Citibank, NA (CSS! Dept.), Agent Bank CITIBANKS 


U.S.S ISO, 000,000 Rotting Rato Participation Notes Due 1993 
Issued by Prorafaoird GmbH far the purpose of nuking a tout to 


❖ 


CREDIOP 


coNSorao m credtto per le opote pubbucheroue 
Notice Is hereby given that the interest payable on die relevant Interest 
Payment Date, July 31, 1987, for the period January 30, J9B7 to 
July 31,1 987, against Coupon No. 4 hi respect of U.S_$ 10,000 nominal 
of die Notes win be U.S-5348-00 and in respect of U.S-$250,000 

nominal of the Notes w ill be U.S58.699-67. 

une JO, 1987, London 
Citibank. N A (CSSJ Dept.), Agent Bank 


CITIBANK® 


THE NEWSPAPER INDUSTRY 

Hie Financial Times proposes to publish 
a Survey on the above on 

FRIDAY JULY 24 1987 
Topics proposed for discussion include: — 

New Titles Local Newspapers Technology 

Fleet Street The Regional Press 

Typesetting Technology Free Sheets 

Printing Technology The Advertidng Market 

For Information on advertising and a lull atHtorfal 
synopsis picas a contact: 

NINA J AS INSKI 

Fmanatal TtaMa. Brack** Houc*. 10 Cannon St. London EC4P 4BY 
TW: Of -MS SOW Brtn 4S1T 

FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


ACCOR 

DIVIDEND PAYMENT 



The 1986 dividend coupon of FFifi.SO (FFr9.75 including French tax credit) 
will mature as of June 30. 19S7. Cash payment will be made from August 
4. 5 987. 

The stock dividend option may be exercised from June 30 to July 23. 
1887. The subscription price fixed by the annual meeting of shareholders 
on May 28, 1337 is FFr474 par share. 


NATIONAL BANK OF C5TR0TT 

usstauttuioo 

Floating Rate Subordinated 
Capita] Notes doe 1996 


Notice is hereby given brat in 
respect of the Interest Period 
from June 30, 1987 to September 
30, 1987 the Notes mil carry an 
interest rate of 7%% per annum. 
The coupon amount payable on 
September 30, IS87 will be 
US$18858 per US$1(MX)0 Note. 


June 30, 1987 

The Chase Manhattan Bank, NA 
London, Agent Bank 


| The Republic of Italy 
U.S.$500,000,000 
Floating Rate Notes 
doe 2005 


In accordance with the provisions 
of the Notes, notice is hereby given 
chat for the Interest Period from 30 
June, 1987, to 31 July, 1987, the 
Notes will carry an interest rate of 
7¥\t>% per annum. The interest 
payable on the relevant interest 
payment date, 31 July, 1987 will 
be USJ61.89 per US$10,000 nom- 
inal amount in Bearer (Coupon 
No. 23) or Registered form and 
US$154751 per US$250,000 
denomination in Bearer form 
(Coupon No. 23). 


30 June, 1987. 

The Cba.se Manhattan 
Bank, N. A. 

London, Agent Bank. 


Banco Nacional do 
Desenvolvimento 
Economico 

U.S.$50,000,000 

Floating Rate Notes 1989 

Notice b hereby given 

pursuant to the Tferms and Conditions of the Notes that 
for the three months from 
30th June 1987 to 30th September 1987 
the Notes wffl carry an interest rate of 77/16% per annum. 
On 30th September 1987 interest of U.S.819.01 wilt be 
due per U.S.81.000 Note and U.S.S190.07 due 
per U.S. 510,000 Note for Coupon No. 33. 

EBC Amro Bank limited 

(Agent Bank) 

30th June 1987. 


U& $75,000,000 

Comerica Incorporated 

Floating Rate Subordinated 
Capital Notes Due 1997 


Interest Rato 

Interest Period 

Interest Amount per 
US. $50,000 Note due 
30th September 1987 


75/18% per annum 

30th June 1987 
30th September 1987 


U.S. $93438 


Credit Stdsse First Boston limited 

Agent Bank 


FT-Actuaries 

World 

Indices 

A 59-page booklet giving details of the index coverage and 
selection process, together with technical appendices, can 
be obtained free of charge by sending a (48p) stamped, 
addressed A&eia envelope to: 

Miss Lorraine Spong 
Financial Times 
Publicity Department 
Bracken House 

10 Cannon Street, London EC4P 4BY 


1NTL. COMPANIES & FINANCE 

Andrew Fisher on the German chemical group’s latest French buy 

Henkel follows formula for growth 

4 Aka kfWVVCl 


WITHOUT FUSS or flamboy- 
ance Henkel, the West German 
chemical group, has been buy- 
ing companies, forming tie-ups, 
and taking strategic sharehold- 
ings all over the world in the 
past few years. 

It has been a gradual process, 
but the latest move looks like 
the Duesseldorf company's 
biggest and costliest yet. 
Henkel plans to hand over 
some FFr 2bn (S327m) for 
Lesieor - Cotelle, the French 
washing products and deter- 
gents company, in a deal which 
awaits approval from die 
finance Ministry in Paris. 

France is already the biggest 
market overall outside Germany 
for Henkel, with activities from 
washing powders and heavy 
cleaning agents to cosmetics 
and adhesives. Out of turnover 
of nearly DM 9bn (two-thirds 
abroad) last year, the French 
activities accounted for some 
DM 970bn. Total net profits 
rose by 28 per cent to DM 226m. 

Henkel is best known for 
Persil washing powder, launched 
80 years ago. Ironically, France 
is one of the countries where 
Henkel does not have the Persil 
rights. These are owned by 
Unilever, the Anglo-Dutch 
group. 

Still, that has not stopped 
Henkel from forging ahead. In 
1971, It bought Lesieur*s wash- 
ing powder plant in Rheixns, 
and last year took over Union 
Generate de Savonnerie fUGS), 
a soap and detergent company. 
In January, it bought Solitaire, 
a maker of household cleaning 
products. These last two pur- 
chases have a combined turn- 
over of some DM 200m. 

Henkel is third in the French 


HENKEL 



detergent market behind Uni- 
lever and Procter & Gamble of 
the US. Unilever, with Colgate- 
Palmolive, was also interested 
in Lesienr-Cotelle, whose new 
parent, St Louis Bouchon, 
intends to concentrate on the 
food industry. 

Completion of the deal will 
still leave Henkel behind its two 
big rivals, which both have 
more than 20 per cent of the 
French market. Henkel cur- 
rently has at least 10 per cent. 
The Lesieur deal will add FFr 
1.3bn (nearly DM 400m) of 
sales to Henkel’s French 
business, of which DM 866m, is 
in washing and cleaning pro- 
ducts. 

Thus the purchase win double 
the French sales of Henkel in 
this division. For the extra 
market strength, Henkel is 
paying almost as much for 


Lesieur-Cotelle, which makes np 
15 per cent of total Lesieur 
business, as St Louis Bouchon 
paid for the whole group last 
year. 

Clearly, Henkel thinks the 
greater market penetration is 
worth the extra cost The fact 
that other companies were 
interested must also have 
pushed up the price. Financing 
should be no problem. The 
group has a strong balance 
sheet and cash-flow was DM 
720m in 1986. 

“It would cost a lot fbr 
Henkel to move deeper into the 
French market on its own,” 
said Mr Werner Wanke, head of 
research at Metzler, the Frank- 
furt-based private bank. “And 
it could take years.” 

w Strategically, it looks very 
good," he added. “ But at first 
sight, the price does seem 
expensive.” Henkel will be 
paying nearly 40 times Lesieur- 
Cotelle’s 1986 profits of FFr 
53m and one and a half times its 
turnover. Among its products 
are liquid detergents — now 
becoming more popular in 
Europe — household cleaners, 
and soap. 

While eager to take on the 
big detergent groups tn Europe, 
Henkel has shied away from 
competing with them worldwide, 
mainly because it would cost 
too much. “We have decided we 
can't fight the established US 
and British companies outside 
Europe with any chance of 
success.” said Mr Helmut 
Sihler, the chairman, earlier 
this year. Because they are 
much bigger, “ it would be put- 
ting our efforts in the wrong 
direction.” he said. 

Thus the group, owned by the 
Henkel family with preference 


chams quoted on fte bour^ 
has moved via partnerships ana 
strategic share «*» d. It 

owns 25 per cent of Clorox, the 
US household cleaner and food 
company, and recently signed a 
marketing deal with Lion of 
japan on hair and dental pro- 

dU Other holdings include 25 per 
cent in Loctite, the US 
adhesives company, and a 
minority stake in Degussa, the 
West German precious, metals 
and chemicals group, from 
which it bought a fowl 
additives company last year. It 
has also added SPecndned 
chemicals companies in the US. 

So the proposed French pur- 
chase. while larger than recent 
buys, is part of a strategy which 
Henkel has followed for some 
time. Under Mr Sihler, an 
Austrian who is not a Henkel 
family member, it has shed loss- 
making or sideline businesses 
in Brazil, South Africa, and the 
US. while further developing its 
main businesses. 

It has sold operations with 
sales of some DM 400m, while 
adding DM lbn through its 
other deals. In 1986, detergents 
and household cleaners 
accounted for 32 per cent of 
turnover, specialised chemical 
products for 80 per cent, 
adhesives and technical pro- 
ducts for 16 per cent, industrial 
cleaners for 15 per cent, and 
cosmetics for 7 per cent. 

Henkel's next move may well 
be in the latter area, where it 
feels under strength. Mr 
Sihler would like to see 
cosmetics accounting for up to 
15 per cent of sales. “In that 
area, our acquisition pro- 
gramme is not over yet,” he 
said. 


Swedish group 
sells financial 
services unit 

By Sara Webb In Stockholm 

BEUER, THE Swedish fin- 
ancial , trading and industrial 
group controlled by Hr 
Anders Wall, the financier, 
yesterday revealed plans to 
reorganise its financial ser- 
vices operations with a deal 
worth between SKr 250m and 
SKr 300m <$39m to $47m) in 
an attempt to prevent a drop 
in the group’s capital ratios. 

Beijer has agreed to seil 
Better Capital (the holding 
company which controls 
Be(jer*s financial operations) 
for between SKr 250m and 
SKr 300m to Birka Business 
Development, a listed invest- 
ment company in which 
Beijer has a 58 per cent 
voting and share capital 
stake. 

Beijer Capital looks after 
share and options trading, 
financing , portfolio manage- 


Degussa plans DM275m issue 


BY HAIG SMON1AN IN FRANKFURT 


DEGUSSA, THE West German 
precious metals and chemicals 
group, has announced a 
DM 275m (8151m) rights issue 
to take place before the end of 
its current business year on 
September 30. 

The one-for-five share deal, 
which is being arranged by 
Dresdner Bank, will increase 
Degussa's nominal capital by 
DM 61m. 

The new shares, which have 


a nominal value of DM 50, will 
be offered to existing share- 
holders at DM 225. 

Degussa shares closed on the 
Frankfurt Stock Exchange at 
DM 498 yesterday. 

Separately, Degussa is- in-, 
creasing its nominal capital by 
DM 20m hi a transaction 
linked to its manned takeover 
of Laboratoires Sarget. a 
French medical group based in 
Merignac near Bordeaux. 


Laboratoires Sarget sells 
extensively in France, Belgium, 
the Netherlands, Spain, Portu- 
gal and Italy. Degussa said that 
Sargefs turnover for 1986 had 
totalled FFr 730m (5120m). 

‘ Degussa refused to reveal 
how much it, would pay for 
Sarget ■ . " « 

Together, the two latest 
capital increases will raise 'its 
nominal capital to DM 365m. 


meat, and money and capital 
market business. After the 
deal, Birka p’ans to change 
its name to Better Capital. 
Hr Wall said Beijer would 
probably reduce its stake in 
the company to less than 50 
per cent to avoid having to 
consolidate It. 

The reshuffle follows the 
expansion of Better’s fin- 
ancial services operations. Mr 
Wall said a sharp rise in total 
assets would lead to a fill in 
Better’s capital to assets ratio, 
and that the best way to over- 
come this problem would be 
to place the financial ser- 
vices operations in a separate 
listed company. 

“ Better’s solidity is below 
that expected for Inter- 
national companies.” said Mr 
Wall. Better’s remaining fin- 
ancial operations will be 
closely linked to tbe trading 
and industrial manufacturing 
side, he said. 

Svenska Handelsbanken 
said the deal is intended to 
allay the fears of inter- 
national investors. Better's 
solidity is between 30 and 35 
per cent at present, he said, 
but with tbe growth of the 
finan cial operations, It could 
have dropped to as low as 15 
to 20 per cent 

Birka is paying cash for 
Better Capital but will make a 
share issue In August or 
September, according to Ur 
WalL 

Beijer is merging with 
Argentus, another Anders 
Wall investment company, 
and is being reorganised as 
an industrial, manufacturing 
and trading distribution com- 
pany in order to qualify as 
an operating company — 
instead of as a pure invest- 
ment company— since tills has 
tax advantages. 


• NIKKO NKKO NIKKO NIKKO NIKKO NOXO hflKKO NKBO NIKKO NIKKO NKKD NKKO NKKO NKKO NKKO • 

JAPAN I 

1 'INDEX FUND I 

2 1 

| - A vehicle lor closely tracking the Tokyo Stock § 

o Price Index and also suitable for your active/ g 

| passive strategy. | 

§ - Applies the BARRA-NIKKO Risk Model of the § 

z Japanese equity market, a sophisticated approach | 

| based on Modem Portfolio Tneory. z 

| —Realises significant savings in transaction costs § 

jg and in management and administration fees. 1 

o Applications will be considered only on the basis erf the g 

§ current Prospectus of Japan Index Fund Limited. Copies of - i 

§ the prospectus may be obtained by professional investors* § 

% by call in g NjkltpQpi f-o l Managem ent limited . B 

g on 01-236-6076 or completing the following coupon: § 


ToNikko Capital Management Ltd. 

10-12 little Trinity Lane, London EC4V 2AA, 
United Kingdom 


FT 6 


Name 


Company 


Address 


ftateode 


Td-No 


•Copies of die Pmspccn 13 wm.be m*le available only to professional investor whose otdhurv 
business it is to buy or sell shares or debentures*, -whethn as princtpal or agent within ^ 

meaning of section 79 of the C om panies Act 1985 of Great 
This acHwtaaaeiit has been place d by T he Nikko Securities Co, [Eurtpej 

Nw lato rnud limited 18 


It does not crmrthitw an afltr of, or an invuaaoQ to tbe pnUu to br « to purchase, any 



9 NIKKO NKKO NEKD NDCK3 NIKKO MKKO NIKKO 


NIKKO | 


r 


JCttJbne 1987 


CFX 




V 


Credit for Exports PLC 

Qncoryomtd in England hated fabfity) 

US. $155,00Q000 

Unsecured Floating Rate Notes 
due 1985 to 1992 

In accordance with che provisions of the Notes, notice Is hereby 
gran due the me of interest for die period from 1 July 1967 
to 4 January 1988 has been established at 7% per cdftt. 
percjunim. 

The interest payment date will be 4 January 1988. Foment, 
which W ill amount toliSS 39608 per Note, will be made agrinst 
the relative coupon. 

Agent Bank 

Morgan Grenfell & Co, limited 


J 


r 



sojaccissr 




Italex Limited 

Incorporated m the i 


— - -inwirq 

U-S. S230.0GQOOO 

U^^cured Floaang^ Notes 

due 1989 to 1992 

The interest payment date wflj J*. j » 

which will amount to USJ 9301.9 L l**®. ftjyj 

^huc die rdatim coupon. 1901,91 wffl be ; 

Agent Bank 

M Tgan fr-eafefl & Co. 











% 


^ . 


1 ter,c k s 


' v 

• is-.-':: Sfifc 

- • :• . 

• :: £ %i 

... «ajl. 


••• 


Financial llnies Tuesday June 30 1987 


## 


All of these securities having been sold, this advertisement appears as a matter of record only. 


Compania Telefonica 
Nadonal de Espana, S.A, 

(National Telephone Company of Spain) 


-U |S%1 


1 7 

>: \a g 


5 

i i 


\:r>. 

-Nu 


18,000,000 American Depositary Shares 


Representing 


54,000,000 Shares 


Goldman, Sachs & Co. 


Merrill Lynch Capital Markets 


Salomon Brothers Inc 


Alex. Brown & Sons 

Incorporated 

E. F. Hutton & Company Inc. 
PaineWebber Incorporated 
S. G. Warburg Securities 


Deutsche Bank Capital 

Corporation 


Kidder, Peabody & Co. 

Incorporated 


Dillon, Read & Co. Inc. 


Lazard Fr&res & Co. 


Incorpor 

L. F. Rothschild & Co. 

Incorporated 


Donaldson, Lufkin & Jenrette 

Securities Corporation 

Morgan Stanley & Co. 
Incorporated 


Shearson Lehman Brothers Inc. Smith Barney, Harris Upham & Co 

Incorporated 


Wertheim Schroder & Co. 

Incorporated 


Advest, Inc. 


AIBC Investment Services Corp. 


William Blair & Company 


J. C. Bradford & Co. 

Incorporated 


Amhold and S. Bleichroeder, Inc. 
Butcher & Singer Inc. 


Incorporated 

Dean Witter Reynolds Inc. 


Bateman Eichler, Hill Richards 

Incorporated 


Cowen & Co. 


Dain Bosworth 

Incorporated 


A. G. Edwards & Sons, Inc. First Southwest Company Furman Selz Mager Dietz & Bimey Howard, Weil, Labouisse, Friedrichs 

Incorporated Incorporated 


Interstate Securities Corporation 
Ladenburg, Thalmann & Co. Inc. 
Morgan Keegan & Company, Inc. 


. s Incorporated 

Johnson, Lane, Space, Smith & Co., Inc. 


Legg Mason Wood Walker 
Incorporated 


McDonald & Company 

Securities, Inc. 


Incorporated 

Johnston, Lemon & Co. 
Incorporated 

Morgan Grenfell Incorporated 


Moseley Securities Corporation Needham & Company, Inc. Neuberger & Berman 


The Ohio Company < 

Prescott, Ball & Turben, Inc. 
Stifel, Nicolaus & Company 

Incorporated 

Tucker, Anthony & R. L. Day, Inc. 


Oppenheimer & Co., Inc. 


Paribas Corporation 


The Robinson-Humphrey Company, Inc. 


Sutro & Co. 

Incorporated 

Underwood, Neuhaus & Co. 

Incorporated 


Piper, Jaffray & Hopwood 

Incorporated 

Stephens Inc. 
Thomson McKinnon Securities Inc. 


Wheat, First Securities, Inc. 


Wood Gundy Corp. 


June, 1967 


r 


28 


Financial Times Tuesday June 30 1987 

INTERNATIONAL CAPITAL MARKETS and COMPANIES 


Yoko Shibata on how bank opposition has blunted the MoFs reforms 

Tokyo tests its credit rating system 


A FULLY-FLEDGED credit 
rating system for Japanese 
companies, to be applied to 
their issues of bonds and 
debentures, is to come into 
effect from tomorrow. The move 
follows the relaxation of 
eligibility requirements for 
unsecured bonds. 

Three home-grown credit 
rating institutions, Japan 
Credit Rating Agency, Nippon 
Investors Credit Service, and 
Japan Bond Research Institute, 
have set up shop and have 
been working to gain accep- 
tance from prospective issuers 
and securities houses for the 
fees they will charge for their 
rating service. 

The credit rating agencies 
started issuing preliminary 
credit ratings in February last 
year under guidance from the 
Ministry of Finance, with the 
aim of completing preliminary 
ratings for 30 companies by 
the end of this month. 

Japan Credit Rating Agency 
has already achieved this 
target, while the other two 
agencies will meet it by the 
end of this month. 

From today, the three Japan- 
ese rating agencies and three 
foreign institutions — Standard 
& Poor’s, Moody's and Fitch 
Investors’ Service — will start a 
full rating service. A prelimi- 
nary credit rating will cost a 
company around Y 2m, white a 
full rating will cost between 
Y3m and Y5m, depending on 
the volume of bonds issued. 

Under the eligibility rules up 
to now. Japanese corporate 
issuers of unsecured bonds 
have had to meet six require- 
ments covering such measures 
as net assets, net worth ratio 
and the ratio of operating 


profits to total capital. 

However, these rules have 
tended to favour companies 
with a high level of assets. 
Changes in Japan's industrial 
structure have greatly in- 
creased the numbers of promi- 
nent companies engaged an 
service businesses, such as re- 
tailers or trading houses, the 
assets of which provide little 
collateral in the traditional 
sense for bond issues. 

From today, companies with 
high credit ratings will be able 
to issue unsecured bonds, even 
when they do not meet the 
eligibility rules- 

Companiese that achieve a 
rating of AA or higher, and 
those rated A which have net 
assets of at least Y55bn 
(S375m), will be able to issue 
unsecured straight bonds. Com- 
panies rated A or higher, and 
those rated BBB with net assets 
of at least Y55bn, will be able 
to issue unsecured convertible 
bonds. 

Strong resistance 

As a result, the number of 
companies qualified to issue 
unsecured straight bonds is 
expected to increase to around 
200 from 70 at present, while 
tiie number allowed to float 
unsecured convertible bonds 
will increase from 180 at 
present to 330. 

The three domestic credit 
rating agencies were established 
only two years ago. However, 
strong resistance from the 
commissioned banks, which 
have enjoyed a healthy source 
of income under the traditional 
system, has thwarted the MoF*s 
plans for the rating agencies 


to take on the role of judging 
the qualifications of would-be 
bond issuers. 

In Japan, that function re- 
mains in the hands of the 

co mmissio ned banks, which 
decide whether a borrower 
qualifies for malting an un- 
collaterised bond issue on the 
basis of its balance sheet 
ratios. 

The MoF wants to phase out 
the role of the commissioned 
hanks , and is pinning its hopes 
on better disclosure, brought 
about by building up the role 
of the rating agencies. The 
final report issued last 
December by the Securities 
Exchange Council, an advisory 
panel to the MoF, went so far 
as to say that the legal re- 
quirement which obliges a 
borrower to have a commis- 
sioned bank before it can float 
an unsecured issue is “ not 
appropriate." 

In the current transitional 
stage, where the credit rating 
system and the old eligibility 
system are both in operation, 
the immediate task for the 
rating agencies is to build up 
a high degree of confidence 
among domestic Japanese 
companies. 

In order to encourage the 
development of the rating 
system, the securities houses 
are considering introducing a 
disciplinary clause whereby a 
corporate issuer without a 
credit rating will have to pay 
a higher coupon rate on its 
issue. 

The six credit agencies in 
Japan are pinning their hopes 
on the adoption of credit 
ratings for commercial paper 
issues. 

The KoF has postponed the 


use of the credit rating system 
for the commercial paper 
market which is due to be 
launched this autumn. However, 
it has also said that the intro- 
duction. of the credit rating 
system will be reconsidered 
after the CP market has been 
in existence for a year. 

Eligibility criteria 

The MoF has drawn up 
eligibility criteria for the 
proposed CP market from the 
financial standards set for 
unsecured straight bonds. It has 
done so in order to soothe the 
Japanese banks, which opposed 
the introduction of CP on the 
grounds that it will represent 
a significant move of corporate 
financing away from bank 
loans. 

However, some banks argue 
that since eligible issuers of 
CP will include those unsecured 
domestic bond issuers selected 
by the credit rating system, the 
proposed CP market will in fact 
be using an indirect rating 
system. 

Mr Keijiro Koyama, manag- 
ing director of the Economic 
Federation (Keidanren), com- 
mented recently that " If there 
is a fully functioning rating 
system for CP, the credit rating 
agencies will have work 
enough." 

In fact, CP credit ratings are 
a business much coveted by the 
rating agencies. If credit rating 
fees were calculated on the 
volume of domestic convertible 
bonds issued in fiscal 1986 (a 
historically high year), the 
rating fees reaped by the credit 
rating industry could reach 
YSOOm-YBOOm. 


Westland 
signs £40m 
facility 

By Stephen Fkffer 

WESTLAND, the UK heli- 
:opters concern embroiled 18 
nonths ago in a Government 
lispute over its ownership, has 
igned a £40m bond and 
fuarantee facility with a group 
if seven international banks 
ind Britain’s Export Credits 
luarantee Department 
The facility has been 
rranged to provide guarantees 
or Westland’s performance and 
rill be available to support 
uture sales, particularly of 
ieli copters. The five-year 
msecured facility is extendible 
usually. 

The banks are National West- 
Qinster, which is arranging the 
Scility and acting as agent, 
Janca Nazionale del Lavoro, 
iarclays. Grindlays, Long-Term 
Credit Bank of Japan, Scandina- 
ian Bank, and Societe 
ienerale. 


Aker Norcem ahead of budget 


BY KAREN FOSSU IN OSLO 

AKER NORCEM, Norway’s 
largest privately-owned Indus- 
trial group, has posted a loss of 
NKr 22m ($.44m) for the first 
four months of 1987, which is 
says was "slightly better” 
than what was originally 
budgeted for. The loss was 
NKr 1.3m worse in the same 
period of 1986, 

For all of 1987, the group 
forecasts that results will be on 
a par with the 1986 total of 
NKr 400m after financial items. 
The group’s offshore oil and gas 
service contracting subsidiaries, 
which experienced difficulties 
in the previously weak energy 
market, are now showing signs 
of recovery. 

Aker, the construction and 
engineering company merged 
with Norcem, the cement and 
building materials company at 
end-1986. Although earnings 
for the building materials and 
cement subsidiary were “very 
high” in 1986, earnings In the 


first four-months of 1987 have 
thus far been low due to 
seasonal lulls. Year-end results 
are expected to match last 
year’s, however. 

As a part of its internationa- 
lisation strategy, the cement 
subsidiary acquired Swedish 
Leca, the light expanded clay 
aggregates company, and has 
plans to purchase two other 
companies. Some NKr 300m 
will be spent to increase effi- 
ciency and competitiveness at 
its Dalen factories. 

In the offshore oil and gas 
divisions, Norcem Drilling has 
increased its sales and income 
so far in 1987. A new well 
service . and maintenance 
company has also been formed. 
Norcem Gomex, a diving 
contractor, is also expected to 
show a profit in 1987. 

Aker Offshore, also an 
offshore oil and gas service 
company, experienced lower 
income during the four-month 


period and the overall year-end 
performance is not expected to 
match last year’s favourable 
results. Aker Engineering, 
however, has increased its 
market share and earnings have 
been more favourable 

Three new companies have 
been formed under the Aker 
Offshore umbrella. Aker Stord, 
the offshore construction yard 
has acquired the majority 
shareholding in Stord Bartz. 
Aker Engineering has agreed 
to purchase 52 per cent in BMV 
Engineering and Aker Contract- 
ing has formed a new 
subsidiary in Bergen. 

In civil engineering and con- 
tracting. Astrup Hoeyer is ex- 
pected to see a continued high 
level of activity. Year-end 
results are expected to be posi- 
tive, although restructuring of 
ownership in Norwegian Con- 
tractors, the offshore oil and 
gas platform construction com- 
pany, is now underway. 


AU of these Securities have been sold. This announcement appears as a matter of record only. 

The Broken HiU Proprietary Company 

Limited 

3 , 000 , 000 American Depositary Shares 

Representing 

i 

12 , 000,000 Ordinary Shares 


BEAR, STEARNS & CO. INC. 

DAJWA SECURITIES AMERICA INC. 
DONALDSON, LUFKIN SeJENRETTE 

Securities Corporation 

A. G. EDWARDS & SONS , INC. 

E. F. HUTTON & COMPANY INC. 
MERRILL LYNCH CAPITAL MARKETS 
PAINEWEBBER INCORPORATED 
ROBERTSON, OILMAN & STEPHENS 
SHEARSON LEHMAN BROTHERS INC. 


MORGAN STANLEY & CO. 
Incor p or at ed 

THE FIRST BOSTON CORPORATION 

DEUTSCHE BANK CAPITAL 
Corporation 


ALEX. BROWN & SONS 

poTf ltfd 

DILLON, READ & CO. INC. 
DREXEL B URNHAM LAMBERT 
HAMBRECHT & QUIST 


GOLDMAN, SACHS & CO. 

KIDDER, PEAJ^Y&CO. LAZARDFRERES& CO. 

MONTGOMERY SECURITIES 
PRUDENTJAL-BACHE CAPITAL FUNDING 
L. F. ROTHSCHILD & CO. SALOMON BROTHERS INC 

Incorporated 

SMITH BARNEY, HARRIS UPHAM& CO. 


SWISS BANK CORPORATION INTERNATIONAL 

Securities Inc. 

WERTHEIM SCHRODER & CO. 

Inc or p o rated 

June 5, 1987 


UBS SECURITIES INC. 
DEAN WITTER REYNOLDS INC. 



cmconpo 

VJS. $350,000,000 

Subordinated Floating Bate Notes DueNoffember 27,2035 

NoHce b hereby given tfwt His Rote of Interest has been fixed at 
7.2875% m respect of the Original Notes and 7375% in respactofthe 
Enhancement Nates, and that the interest payable on the relevant 
Interest Payment Date July 31. 1987 against Coupon No. 20 in 
id of US J1 0,000 nominal of the Notes will ba US$62.75 in respect 
OrigmalNotesondUS>63fil inrespectoftheEnhancemantNotes. 


June 30, 1987. London 
By? Citibank. NA [C5SI Dept.), Agent Bank 


CITIBANKS 


anCORPGJ 
U.S. $500,000,000 

Subordinated Floating Rate Notes 

Doe October 25, ,2005 . 

Notice fc hereby given that the Rate of Interest has been fixed at 
7.2875% and that the interest payable on Hie relevant Interest Payment 
Date July 31 , 1 987 against Coupon No. 21 in resped of US$10,000 
nominal of the Notes wifi be US$62.75. _ 


June 30, 1987, London 

By: Citibank, NA (CSSI Dept), Agent Bank 


CITIBANK O 


Foreigners 
allowed 
In next 
NTT sale 

By Yoko Shlbta in Tokyo 

THE JAPANESE Ministry of 
Finance has decided to allow 
foreign securities houses fo 
join the syndicate under- 
writing next year’s sale of 
Nippon. Telegraph and Tele- 
phone (NTT) shares owned 
by the government. 

Officials admit that the 
decision reflects the Min- 
istry’s concern to forestall 
fresh friction with foreign 
countries, given the dis- 
content expressed by some 
foreign securities houses over 
their orig inal exclusion from 
the NTT share underwriting 
syndicate in the current fiscal 
year. 

Regulatory responsibility 
for the NTT shares lies not 
with the MoF but with the 
Ministry of Post and Tele- 
communications. Moreover, 
the NTT law prohibits 
foreigners from owning NTT 
shares. However, the Finance 
Ministry has officially inter- 
preted the NTT share under- 
writing by foreign brokerage 
bouses as a temporary — and 
hence not illegal — share- 
holding. 

For fiscal 1987, beginning 
last April, the MoF has 
already selected 20 Japanese 
brokerage booses incttuUng 
the big four (Nomura. Daiwa, 
Nikko and Yamaichi) as 
members of the main under- 
writing syndicate for the 
second tranche of NTT share 
sales, which is expected In 
October. The MoF has 
selected the 20 houses on the 
basis of hew they acquitted 
themselves during the first 
NTT share sale, which took 
place hi fiscal 1986. 

The Ministry intends to In- 
vite 94 more securities 
houses. Including 35 foreign 
brokers, to form a sub-syndi- 
cate to sell NTT shares this 
October. The underwriting 
share of each house is to be 
determined in principle on 
the basis of Us performance 
in the previous NTT share 
sale. 

However, the underwriting 
share of the foreign 
brokerage houses would, on 
this basis, be virtually zero, 
and they would have to be 
excluded from the sub- 
syndi cates. 

in view of the foreign 
brokerage houses* anger at 
their exclusion from the sub- 
syndieate, the MoF is plan- 
ning to allot them a special 
quota. The Ministry has 
ordered the Japanese 
brokerage syndicate to work 
out a formula to allow the 
foreign brokerage houses a 
share in the underwriting of 
the NTT issue. 

The Ministry intends to 
allow about five foreign 
securities booses to Join the 
main underwriting syndicate 
during the next fiscal year, 
provided that they sell a 
sizeable volume of NTT 
shares in the current fiscal 
year. 


Two-tranche 
loan for 
Autostrade 


By Our Euromarkets Effitor 

AUTOSTRADE, Italy's State 
motorway agency, has 
awarded a keenly-awaited 
mandate for a two-tranche 
loan comprising DM 150m 
and Ecu 150m on terms which 
appear slightly less aggres- 
sive than the Eurocredit 
market had expected. 

Bankers Trust Interna- 
tional and Mitsubishi Bank 
have been asked to arrange 
the deaL Though terms have 
not yet been finalised, Mitsu- 
bishi said the loan would 
have an average return, in- 
clusive of fees, of nearly 12 
basis points above London 
interbank offered rates. 

On tills basis, bankers who 
bad been expecting a margin 
below 10 basis points said 
that tiie passage of the loan 
could be smoother than they 
had forecast. But they were 
puzzled because bidding for 
the mandate was thought to 
have reached margins below 
what has now emerged. 

Mitsubishi said the interest 
margins on the loan would 
range from about 7JS to about 

12.5 basis points over Libor 
but could not say exactly to 
what years these would apply 
in either tranche. 

Die D-mark tranche is to 
be for 10 years and the Ecu 
portion for 12 years. There 
is a com mitm en t fee of 6.25 
basis points for the period 
from 60 days to one year. 
Front-end fees are 10 basis 
points for banks which 
commit 10m of each currency, 

7.5 basis points for 6m to 
9m, and 6j> basis points lor 
2m to 5.9m. 

The precise terms are due 
to be revealed today, mid the 
deal will go into syndication 
tomorrow. 


Peseta-denominated issue 

from Eurofima well met 


BY ALEXANDER NTCOU, EUROMARKETS EDITOR 


AFTER THE Samurai and the 
Bulldog, tiie Matador. This was 
the name being tossed around 
Madrid yesterday for a new 
sector of the international bond 
market after Eurofima, the 
railway financing concern, be- 
came the first non-resident 
issuer to launch peseta-denomi- 
nated bonds. 

Its Pta lObn issue, launched 
on the domestic market by 
Morgan Guaranty’s Spanish 
subsidiary, represented a new 
step in the opening of Spanish 
markets to foreign participa- 
tion. 

The bond also broke new 
ground because to 10-year 
maturity was longer than that: 
of any other outstanding issue 
in Spain. The longest govern- 
ment bond is for seven years. 

Die Spanish stock market has 
seen an influx of foreign invest- 
ment over the past year and a 
half. Foreign borrowers have 
also been looking increasingly 
at the peseta market. Earlier 
this year, Peugeot arranged a 
multi-option facility enabling it 
to tap various instruments in 
pesetas. 

The issue has a 12* per cent 
coupon and is priced at 99.9 per 
cent. It is callable after six 
years at 101*. Morgan Guaranty 
was gathering a syndicate of 
Spanish banks, though these 
could include local subsidiaries 


of foreign banks. It said early 
indications of the response was 

Eurodollar bond market 
weakened after New York s fall 


international 
BONDS 


on Friday, and saw only one 
new equity-linked deal. Sterl- 
ing bond markets also fell. 

Portugal made its first issue 
in French francs, a FFr7 00m 
floating rate deal led by Credit 
Commercial de France. It has 
an eight-year life and a price of 
100.05. The interest margin is 
set according to a new well-used 
formula which attempts to allow 
for divergence between Euro 
and domestic deposit rates. 

The coupon is 20 basis points 
above London interbank offered 
rates. But if Libor rises 25 basis 
points above its Paris equiv- 
alent. Pibor. the coupon 
switches to 30 basis points 
above Pibor. The issue was 
quoted at a discount within its 
total fees. 

Land Securities, the UK 
property company, made its 
first convertible issue, a 15-year 
Eurobond which was increased 
from £75m to £84m. Lead 
manager J. Henry Schroder 
Wagg fixed the coupon at 6j, 


?«sfgtgl 

KrUSM* * 

weak gilt market curren t 

The issue was bid at par- 

Sanraku, a Japanese drinks 
marketing company, made a 
Si 00 m five-year issue witu 
equity warrants guaranteed 
Dai-Ichi Kangyo Bank and led 
by Nomura International. Tbe 
coupon was indicated at ~r per 
cent The SlOOra issue for 
Finland’s Nokia was |.ven an 
exercise pnee of FM lo9A. 

In West Germany, European 
Investment Bank m *de a 
DM 200m issue with an eignt- 
year maturin’, pricec at sw_ 
with a 6* per cent coupon. 
Westdeutsche IdUMlMlw* well 
the issue which traded well 
within its fees. The market was 
quiet, with foreign issues 
slightly easier. 

In a quiet, unchanged Swiss 
market Norway's Norges Kom- 
m anal bank made a SFr bum 
private placement led oy 
Banque Gutzwiller Kurz Bun- 
gener. 


Salomon to expand in Europe 


BY TERRY BYLAW 

SALOMON BROS, the US 
investment banker and securi- 
ties trader, announcing plans 
for rapid expansion of its 
European Equity Research 
Department, said in London 
yesterday that it has Identified 
280 companies in Europe with 
a high level of fund manage- 
ment interest 

Of this total, 43 per cent are 


UK companies, 22 per cent 
West German and 9 per cent 
either French or Italian. 
Salomon’s intention is to inte- 
grate its European equity 
research with its US and 
Japanese corporate research, by 
applying the expertise of the 
firm’s industry analysts across 
the globe. 

The US firm expects to have 


15 equity analysts in place in 
London by the year-end. While 
its European Equity Research 
department remains concen- 
trated in the UK, Mr Edward 
Dunleavy, director of the 
department, commented that 
the firm remains flexible on 
this point Salomon has 10 
analysts in London at present. 


FT INTERNATIONAL BOND SERVICE 


Listed are the latest international bonds fbr which there is an adequate secondary market 

dosing prices on June 29 


OS DOOM 

snuuons hot* m «ff» e*y wwk 'not 

Abbey National 7% 92-.-. MO 98* -ft -0% MS 

A/SEksportfin«ns?%93_ 380 93% V, -ft -ft US 

A/SEJoportfinHts7%92_ » Wi V, -A -)% U3 

Aagna TV 97 ZOO 91% 91% -ft Ul 

BP Capital 9% 94 190 292 182% +0*, —CO* 838 

British Telecom 7% 96 __ 250 9ft 9ft -ft -0% *29 

Canute?) Soio 10% 95 — W -«i -R U> 

Canada 9% 1909 lift 199% -ft -1% AM 

Canadian Pac.10% 93 — 290 3*0, M5% -A -W, Utt 

CCCE7H91 XB Wj « -9* -ft 1A 

CNCAJ%9I £■ 250 9<% 94% -0% -ft U3 

CKtearpB%93 206 192 9Z% -0% -ft Ml 

Cret&t Lyonnais 9 92 299 109% We -ft -ft M9 

CrettNalcaal7%92 108 90* 95 -A -A 

Great National 9)93 358 301% 382% -ft -9b UP 

CrecBt National 7% 91 — — 150 15 95% -ft -9k 655 

Denmark Kingdom 7% 92 590 92% 93% -0% -at. Ml 

Deems* Kingdom 8k 91 398 *7% W, -ft U2 

EEC 7 91 JR fR -Ok -n M 

EEC 81* 96 W ft » -A -R Ift 

EEC 71*95 290 V 98% -9% -3 979 

E187H93 24 ft « -9* M2 

Finland 7% 97 » ft ft -Ok -ft *36 

Finland 7*2 W 200 94 9ft 0 40% 873 

Ford Motor Cred. lft n. 398 395% MS% -ft? -3 686 

Ford Motor Cred. 13% 90- UO 205% Mft -ft -ft 6» 

Gea.EX-c.Cred. 30% 00— 299 399 3 93% -ft -9% 9*3 

Hamdi7% 92 399 95% 9ft -ft -1 9X8 

Hoe®* 7% 9# 909 9ft 94% -ft -ft 8X8 

Hoesdift 97 UB 94% 95% 4ft -0% 935 

LtetrM<dUfft96 ISO 9ft 94% 4ft —3% Ml 

LTCB of Japan 871 109 97% 97% -ft -ft 877 

LTCSof Japan 8 97 200 92 90% -ft -0% 934 

Merafc.-BenCmd.7% 93 309 196 96% -ft 40% 630 

WtsuteWFta. 7%93 MO 9ft W% -ft -ft 929 

Mutual America 7%92 — 300 9ft 9ft O -ft 999 

NorawWnS dom7%92 — 540 9ft 96 -ft -ft 909 

Pepsico lac. 7% 93 280 93 93% -ft -1 899 

data* Airways lft 95 — 249 195% 305% -ft -ft U9 

teeenslnd Govt 10% 95 200 Mft 381% -ft -ft 3997 

R*tea*tPdrinaU%95 — 358 197% 20 ft -ft 44 2923 

Saak Sereda ft 91 125 392 182% -9% -ft 972 

S**accfw*ao2D%«!_ MO 29ft 187% -ft -ft 896 

State Bk. S. Aeri.9%95 — 199 199% 191% -ft -ft 9L02 

StatofllD9D Z79 39ft 183% -ft -9% 879 

Swed. Eip.Cre9.7%91 — 190 95% % 4ft O 844 

Sved. Exp. Cred. 2092— . 399 295% 295% -ft -ft 959 

Sweden 8% 96 299 91% 99% -ft -ft 9U81 

Swed*t79S 259 H 9ft -ft -ft IM 

Sweden Kingdom 10% 90 298 MM* 186% -ft -ft 8X1 

Sweden Kfaedopf 792 259 94% «% -ft -ft Att 

TMjo Finance 7% 94 IBB 192 9ft -ft -ft 9X6 

Toyota Motor tied. 8 89 299 ffft 99% -8% -2% 822 

Toyota Mtr. Cred. 7% 92 150 92% ®% -ft -ft 900 

Victorian Rep. U% 92 259 209% 120 ft -ft US 

World Bank 7 92 309 94% 94% -ft -ft 851 

VaraSa Trust FH ft 93 — 299 197% 99 -ft -ft 989 
rn 99 -ft 9. Man -0% 


641 


snumas 

Mm Dew. BaokS 94 299 101% 197% 

AaMw EJac. Co. 6% 95 159 Ml Mft 

BMW 5% 96 : 209 92% 18% 8 -ft 634 

Dataller Ban Iw. 5% d_ 598 9ft 91% 4ft -ft m 

Dow Chemical 5% 96 398 94% 94% -ft -ft 6A6 

Dow Chemical 6% 96 390 30% 382% 9 -ft 642 

EIB5%98 150 91% 92% 9 4ft 652 

EIB6%96 398 97% 98% 4ft 4ft 640 

EIB6S9S 500 182% 395% 44% -1 643 

EIB697 l. 309 97% 97% -4% 8 UE 

Earn. Coal &SMS% 97 _ 235 95% 95% -2% -ft 651 

Eurcflma6%9b 308 9ft 198% 44% -ft 629 

Ex.-lm.Bk. Korea 7%9Q _ 390 294% Uft 44% 4ft 577 

Fitted R«pMc792 299 10ft 395% 4ft -ft 574 

Hoe9riilrei.Fla.745— _ 109 192% 195% 9 4ft 6S2 

Hydro Qoebecft 96 125 95% 96% 8 4ft 633 

Hy*pQuriMe616 350 82% 93% 0 -1% 747 

IA0B697 299 9ft 96% 4«% -1 658 

IBJSS96 208 98% 94% 4ft -ft 650 

Japan France 5% 97 298 94% 9ft 4ft -0% 640 

AAa Baer Barit 294 ISO 1994 IB 4ft 4«% 138 

Korea Dm. Ba* 6% 93 309 39ft W% -ft -ft 631 

MftStAbM M. 3% 89 WW 399 13ft 13ft 8 • -601 

Mitsubishi M. 3% 89 XW 190 35% 96% 0 -ft 436 

Rente 7% 95 109 1M6% 107% 0 4ft 668 

Sac. Cent. Nadav 7% 45_ 258 182% 1*3% a -ft 631 

Sac. Cent fttadaar 6 91— 298 2*5% 396% 9 -ft 6X9 

Ste*reas5%9b 299 94% 95% 4ft -ft 639 

Tokyo Bee. Plower 697 — 399 196% 96% -ft -ft 649 

World Bank 5% 97 389 95% 9ft -ft 8 646 

YtaricMre(Rt(.6%<n «9 192% 9ft « « 7X7 


STMUUfTS (OK BM Ml 

Atrioai0ea.Bk.S%96— 108 110ft 184 
Aner.GHpR.5%QZ— 290 t» 

Bterhri.4%% — - — 

Catt at 5ft — 

Cfaojiassya 5% 94 

DevesdwBk.Fta.5%95% 199 . 

E!B4%97 208 198% 9V 

Glenda* F.S.&L5%95 1«0 fUl% 302 
H—5%98 — — — 


9* weak YMi 
-ft -ft 507 
• -ft 588 
-ft 5» 


0tienB.Kftwk.5%45 
Wreffi Ind. 5% 95 ~ 
PepsiCo 5% 95 


fiu% Mft 8 4ft 432 

!££* -W% -9% 486 

t E£? -ft -ft 449 

198% 99 0 48% 477 

Ml 

2 ffl. S • mi 

B 199% 9ft -ft -ft &RO 
» tK»% 4ft O* 4« 


Industrial CreA 5% 96. 

Jo8aaOea.Bfc.5%97 _ 

~ M 1fm ^ 

309 n94 10ft 4ft 4ft 485 

Prw.0fMmitte4%96- 299 tS* 3% i£ 


fWstoaPnrfna5%94— 225 12B lflft 4ft -ft 484 
Seem Eire. BOX — — 289 147% 47% 4ft 48% 587 
Topeka EJec. Paw. 4% 96— 338 19ft 389 “ - 

USX Carpi. 5% 9B HO t«% 97% 

World Bank 5% 94 139 1195% 196 

8 a— e met ra— i oa day ■ aw 


VEB STMKNTS tad Wd 9ff«r etajr week YW4 

Credtt National 4% 92 15 198 46% +1 *1% 4 JS 

Denmark, Ktogdom 5% 92. 1» 399% 101% 4ft + 0 % 4X7 

El B 4% 44 48 96% 96% 8 +0% 5X7 

Elec.de FreMe5%94 28 9ft 99% 4ft 4l% 5X9 

Kaosoi Electric 4% 94—. 68 96% 47 +*% +0% 3J0 

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Financial Times Tuesday June 30 1987 

INTERNATIONAL COMPANIES and FINANCE 


Yoko Shibata on the problems facing an over-regulated industry 

Shake-out for Japan’s oil refiners 


A SHAKE-OUT is about to get 
under way In Japan's oil re- 
fining industry following the 
government’s recent decision 
to withdraw its so-called “ad- 
ministrative guidance" in the 
sector. 

The industry has been highly 
protected and regulated up to 
now. with the result that there 
is too much refining capacity 
and far too many petrol stations 
in the country. 

Industry executives are un- 
der no illusions about what 
will happen when the Ministry 
of International Trade and In- 
dustry (MITI) gives free rein 
to market forces next year. 

“Deregulation will drive oil 
refiners into a bloodletting fight, 
competing viciously for their 
survival," said Mr Yasuoki 
Takeuchi. president of Nippon 
Oil, Japan’s largest oil products 
distributor and president of the 
Japan Petroleum Industry 
Association (JPZA). 

The blood could start flowing 
fairly soon. Japan’s oil distribu- 
tors are in surprisingly poor 
shape for a fight. 

In spite of the unprecedented 
favourable business climate 
they have enjoyed in the past 
year — low crude prices, low 
interest rates, foreign currency 
gains — ail the big refiners, 
such as Nippon Oil, Kyodo Oil 
and Idemitsu Oil, reported set- 
backs in sales and profits in the 
year to March 1987. 

The ten top refiners* gross 
margins averaged only 0.92 
per cent, about half the average 


for companies listed on the 
Tokyo Stock Exchange in the 
year to March 1987. 

' MZTrs heavy handed regula- 
tion is the cause. As in other 
sectors, it has applied the 
notorious “convoy system** of 
administrative guidance to the 
industry with a view to allow- 
ing the weakest companies to 
survive. For example, petrol 


benefit from the fall of crude oil 
prices last year amounted to 
Y4,500bn (S30bn), yet the re- 
finers’ income from product 
sales was cut by YS,000bn, The 
result was that 48.3 per cent of 
the nation’s 59.000 petrol sta- 
tions finished She year in loss. 

MITI developed a “scrap and 
build ’’ policy on petrol stations, 
on the principle that nobody 


JAPANESE OIL REFINERS 

Results for Year to March 1987 


Sales 

Ybn 

Change 

% 

Pre-tax 

profits Change 

Ybn % 

Net 

profits Change 
Ybn % 

Nippon Oil 

1.726J 

—39.4 

19.7 

— 12.1 

l&O 

—03 

Idemitsu Kosan 

15»J 

-40.7 

73 

-41 2 

0.83+1117 

Cosmo Oil 

1J84J 

—35^ 

15.4 

_ 

S.P 



Kyodo Oil 

1,355.4 

— 3S.4 

2.7 

-463 

2.1 

+21.9 

Mitsubishi Oil 

656.3 

—37.9 

1 2-4 

+ 551.3 

5.7 

—66.6 

General Sekiyu 

438.7 

— 4A5 

4.5 

-1A8 

2.3 

—773 

Kygnus-Sekiyu 

273.4 

-23* 

4.8 

+442U. 

1.6 

+16.5 

Kyushu Oil 

261.6 

—40.9 

3Ji 

+83.1 

1.1 

-18.9 

Koa Oil 

188.4 

-55 

03 

-58 

1.8 

+58 

Fuji Kosan 

129.4 

-36 

0.1 

— 

03 

-63 


production quotas are allocated 
among the 11 biggest oil re- 
finers and operated by seven 
consortia of distributors. The 
idea was that this would en- 
hance the nation’s security, in 
the event of supply shortages. 

However, the system has led 
merely to excessive competition 
at the retail level, with each 
distributor trying desperately 
to maximise its market share. 
That, in turn, has weakened 
the industry financially. 

According to the JPIA, the 


should open a new outlet with- 
out shutting down an old one. 
But the oil companies ignored 
it. 

MITI's increasing concern 
about the state of the oil in- 
dustry led it to commission the 
Petroleum Council, its advisory 
body, to make recommendations 
for structural change. The 
council’s report was published 
in mid-June, an event which, 
in Japanese administrative 
practice, means that MITI has 
accepted its recommendations. 


The report urged the govern- 
ment to abolish the guidelines 
for petrol production, ease the 

approval system on construction 
of refining facilities and liber- 
alise the construction of 
petrol stations over a period of 
five years. 

Jt acknowledged that the 
removal of the guidance wonld 
probably cause a temporary 
increase in the number of out- 
lets. but eventually loss-making 
petrol stations would be closed, 
and the industry streamlined. 
It was desirable that leading 
companies be strengthened dur- 
ing the period of divestment 
the council said. It also pre- 
dicted that marginal refineries 
would close, and Japan’s petrol 
refining capacity would drop by 
15 to 20 per cent from the cur- 
rent 4.9m barrels a day. 

MITI now says it will move 
faster than the report suggests, 
and will remove its restrictions 
on the number and location of 
petrol stations by March of 
next year. 

The big oil refiners, such as 
Nippon Oil , General Oil. Cosmo 
Oil and Sbowa Shell Oil, had 
already mapped out their 
streamlining plans, centring on 
cut backs in tbeir workforces 
and tbe closure of unprofitable 
refineries. Nonetheless, they 
were startled by MITI’s aggres- 
sive attitude. 

Mr Takeuchi said, “If MITI 
provokes a quarrel in the oil 
industry, the industry will have 
to take up that quarrel." 




First-half rise 
for Sbiseido 

By Our Tokyo Staff 

SHLSEtDO, Japan's largest 
manufacturer of cosmetics, with 
a market share of 40 per cent, 
lifted pre-tax profits by 3.7 per 
cent to Y17.1Bbn (9117 Am) in 
the half year to end-May 1987. 

Tbe company ascribed the 
steady earnings growth to an 
improved financial balance 
which led to a 7.1 per cent in- 
crease in non-operating profits. 
Half-year sales were 2.4 per 
cent higher at Y168.l9bn. 

Sales of cosmetics increased 
by only 0.3 per cent to Y138bn, 
to account for 80 per cent of 
the total. Toiletries advanced 
by 12 per cent and sundries 
and processed foods by 16 per 
cent 

For the full year to Novem- 
ber 1987, the company projects 
sales of Y353bn. up 3 per cent 
and pre-tax profits of Y33.6bn. 
Both sales and pre-tax profits 
will rise for the 13th consecu- 
tive year. 


Keen competition knocks 
Gulf Air into tfee red 


BY OUR FINANCIAL STAFF 

GULF AIR sustained a $5.Sm 
loss for 1986 as a result of 
keen competition and economic 
recession. The airline is jointly- 
owned by Bahrain, Qatar, Oman 
and Abu Dhabi. 

The loss followed a fall in 
earnings to 536.2m from $50 ,8m 
in 1985. Bahrain's Minister of 
Development and Industry. Mr 
Youssef Al-Shirawi said all 
economic forces “ have been 
against us but we are not at 
tbe bottom." 

He blamed tbe airline’s 
problems on the downward 
tre\l of the gulf economy and 
severe competition among air- 
lines flying in the region. 

The four Gulf states that 
own Gulf Air, along with Saudi 
Arr/jia and Kuwait, are 
grouped in a regional economic 
and security alliance known as 


the Gulf Co-operation Council. 

Competition from Emirates 
Air, a rival airline formed in 
1985 by Dubai, has been 
especially tough for Gulf Air, 
airline officials concede. 

Set up in 1974, Gulf Air 
made high profits in the oil- 
boom years. But the region has 
been suffering from the glut 
on the world oil market, as well 
as the repercussions of the 
Iraq-Iran war, 

Competition and a slump in 
the air industry put strains on 
the airline, which has had to 
resort to a substantial cut in 
the number of employees in 
order to rationalise expendi- 
ture. 

Gulf Air has a fleet of 20 air- 
craft flying to major cities in 
the Middle East, the Far East 
and Europe. 


Dainippon Ink 
profits up 54% 

By Our Tokyo Staff 

DAINIPPON INK, Japan’s 
major independent producer of 
printing ink, reports consoli- 
dated net profits of Y6.47bn 
l$44.2m) for the year to March 
1987, up 54.2 per cent from the 
previous year. 

Consolidated net earnings 
per share came out at Y 10.68, 
compared with Y7.00 in the pre- 
vious year. They are 1.18 times 
higher than parent company 
earnings per share. 

The parent company has 
turned in a favourable perform- 
ance. In addition Polychrome, 
the US ink and printing plate 
make acquired after a bitter 
bid battle in 1979, has managed 
to claw its way back to profit 
• Fuji Photo Film expects 
group net profit to reach 
Y64bn in the year ending 
October 1987, up 2.9 per cent 
It said earnings per share are 
estimated at Y172.13 against 
Y168.1Q in 1985-86. 


BIIP suffers 17% 
earnings setback 


BY CHRIS SHERWELL IN SYDNEY 


BROKEN HILL Proprietary 
(BHPl, Australia's largest com- 
pany, yesterday reported a 
wo rse-lh an -expected 17 per cent 
fall in annual profits on a 12 . 
per cent rise in sales, but indi- 
cated it was looking for an 
improvement in tbe current 
year. 

The earnings drop, shown in 
figures for the 12 months to 
May, was the steel, minerals and 
petroleum group’s first in four 
years. It reflected weak oil and 
mineral prices, the impact of 
industrial troubles in the steel 
division and a higher corporate 
tax rate. 

Group net profit before 
minority interests and extra- 
ordinary items was A$840.2m 
(US$604m) down from tbe pre- 
vious year’s A$1.009bn but still 
tbe second highest result on 
record. Revenue climbed from 
A$S.74bn to AS93?bn. 

Mr Brian Loton, chief execu- 
tive, said tbe result was “less 
than we’d planned and hoped 
for,” while directors expressed 
open disappointment at tbe 
outcome. Though all hope for 


an improvement in the current 
year, no profit forecast was 
offered. 

Some comfort was taken from 
the fact that net profit in the 
final quarter of 1986-87, at 
A$221.9m. was 23 per cent above 
the corresponding period last 
year, principally due to higher 
petroleum production and 
firmer oil prices. 

A segmental breakdown of 
the results shows that BSP’s 
profits are now largest from 
tbe minerals division, although, 
at AS329m, they were margin- 
ally down 

The petroleum profit was 
down 43 per cent at AS289m, 
mainly due to lower average 
crude oil and LPG prices and 
lower sales volumes. But 
second-half earnings were sub- 
stantially better than those of 
the first half. 

The principal disappointment 
came in steel, where industrial 
disputes knocked some A$50m 
off pre-tax profits and contri- 
buted to a 21 per cent fall in 
net earnings to A$200m- 


Hitachi Zosen group net 
result shows Y6bn surplus 


BY YOKO SHIBATA IN TOKYO 

HITACHI ZOSEN, Japan’s third 
largest shipbuilding group, has 
reported consolidated net pro- 
fits of Y6.095bn ($41.67m), for 
the year to March 1987 com- 
pared with the previous year’s 
net loss of Y67.15bn, on turn- 
over of Y384.07bn, down 2.3 
per cent. The results cover 
four subsidiaries. 

The group suffered a pre-tax 
loss of Y23.58bn for the year 
with the parent company alone 
registering a deficit of Y64bn. 
The losses were trimmed by 
adding a profit of about Y40bn 
mainly stemming from securi- 
ties sales. Hitachi Zosen’s pre- 
tax loss in the previous year 
was Y28.87bn. 


In addition to a slump in ship- 
building, tbe yen’s appreciation, 
the falling workload, and the 
heavy burden of retirement 
payments for 5,000-6,000 
workers following the closure 
and sale of five plants affected 
results. 

When tbe parent company re- 
ported its pre-tax loss of Y64bn, 
the largest loss registered 
among Japan’s 1,666 listed com- 
panies, Sanwa Bank its main 
bank, and Hitachi Ltd, ( its 
sister company with no capi- 
tal affiliation) decided each to 
dispatch three directors to the 
shipbuilder to help the com- 
pany out of its current difficul- 
ties. 


Trading suspended In Evergo 

ay OUR FINANCIAL STAFF 


TRADING IN the shares of the 
Evergo grovp of companies was 
suspended by the Hong Kong 
stock exchange yesterday 
because the group is holding 
talks which may have a material 
impact on share prices. The 
group comprises Evergo Indus- 


trial Enterprise, Chinese Estates 
and China Entertainment and 
Land Investment Co. 

Local brokers said Evergo is 
discussing the sale of China 
Entertainment to the Kadoorie 
family, which controls Hong- 
kong and Shanghai Hotels. 


29 


US $400,000,000 
BankAmerica Overseas 
Finance Corporation N.V. 

Guaranteed Floating Rate 
Subordinated Capital Notes 
Due 1996 

Guaranteed on a subordinated basis 

as to payment of principal and interest by 




BankAmerica 

Corporation 


Interest Rats 

Interest Period 

Interest Amount per 
U.S. $50,000 Note due 
30th September 1987 


75/16% per annum 

30th June 1S87 
30th September 1987 


U.S. $934.38 


Credit Suisse First Boston limited 

Agent Bank 


U& $75,000,000 



Girozentrale and Bank 
der osterrelchischen Sparkassen 
AktiengeseUschaft 

Floating Rate Subordinated Notes Due 1991 


Interest Rata 

Interest Period 

Interest Amount per 
US. 51,000 Note due 
30th September 1987 


77/16% per annum 

30th June 1987 
30th September 1987 


US. 619.01 


Credit Suisse First Boston Limited 
Agent Bank 


American Express Bank Ltd. 

U.S. $100,000,000 

Floating Rate Subordinated Capital Notes Due T 997 

Notice is hereby given that the Rate of Interest has been 
fixed at 7*6% and that the interest payable in respect of 
U.S. $10,000 principal amount of Notes for the period 
June 30, 1 987 to September 30, 1 987 will be US$1 86.88 

CITIBANK® 


June 30. 1987. London 
By: Citibank, NA (CSS Dept.), Agent Bank 



1966. FF1 BILLION IN TURNOVER 
1986. FF1 BILLION IN PROFIT 



1987. BSN FORGES AHEAD! 

F1.5 BILLION OF INCREASE IN CAPITAL 


Rights issue of 451,790 new shares of 
PF 100 par value each to be offered for subscrip- 
tion. 

Subscription period: June 24. 19B7. to 23 July . 
1987 inclusive. Preferential subscription rights: 
1 new share for IQ every shares held. 

Issue price : FF 3 500 . 

New share rank from July. 1, 1987. 


Gervais 

Danone 

Dan' up 

TaiHefine 

Panzani 

Amora 

Liebig 

MaiHe 

Bledina 

Gallia 

Cracottes 

Materne 

Vandamme 

Pie Qui Chante 

Lu 

LAfsacienne 

Heudebert 

Kronenbourg 

Kanterbrau 

Evian 

Badoit 

Pommery 

Lanson 


BSN - An annual turnover of 40 billion 
francs. Considerable development over 20 years. 

N° 1 in tbe world for fresh dairy products 
and spring natural water N° 2 in Europe for beer 
and pasta. N° 3 in the world for biscuits and 
champagne. Leading European manufacturer of 



Significant market positions and wide pro- 
duct ranges. 

Tomorrow the continued drive for expansion 
in Europe and throughout the world. 

BSN stakes its future success above all on 
research and development of products and pro- 
cesses, on the improvement of product quality, 
and on technological progress. 



BSN - 7. me de Teheran - 75008 RARIS -FRANCE 








30 


UK COMPANY NEWS 


Financial Times Tuesday June SO 10S7 


Dowty hits £56m despite 
jump in redundancy costs 


BY DAVID WALLER 

Dowty Group weathered £21 .02m (£17.67m), earnings 

sharply increased redundancy per share were 16.6p (I4.4p), 
costs to reveal an £8.1m increase The mining and aerospace 
la pre-tax profits for the year divisions both experienced 

to March 31. strong growth. Aerospace 

The diversified engineering cent to 


£1.14m to £9 -29m, reflecting the 
costs of tendering for new busi- 
ness and unrecoverable en- 
gineering costs. 

The recently established in- 
formation technology division 


nrofits £25.64m from £19 .29m on turn- showed a profits advance of 40 
S^btSl 1 b J taSSae o? 17 over of OT7fm C£I 54.13m). per cent to £5J2ax (£3.7»m) 

year. The figures were slightly £j r 1 *JS 
ahead of brokers’ forecasts of benefiting from major one-off 
£54m-£55m. and the shares rose contracts to Canada, Bulgaria 

and New Zealand. 


lOp to close at 284p. 

Growth in operating profits 
was restrained by the £3J35m 
cost of making 400 employees 
redundant, mainly in the 
minin g and aerospace divisions. 
Only £600,000 was charged in 
the previous year. 

Operating profits were 
£58.28m (£48 ,89m) on turnover 
up by just over a tenth to 
£573 .49m (£518.82m). The 

interest charge rose from £1.7m 
to £2.76zn. After a tax charge of 


Mr Reg Moore, finance 
director, conceded that a similar 
level of growth in the mining 
division could not be expected 
during the current year, due to 
the chronic overcapacity of the 
coal industry worldwide. 

Although the order book in 
the electronic systems division 
rose by 42 per cent, turnover 
during 1986-87 increased only 
marginally to £11 9.24 m 

(£115.57m). Profits declined by 


£49 414m 
(£44. 39m). * Difficult condi 
turns” in UR markets helped 
depress profits in the industrial 
division to £5.94m (£?.28m). 

The company reappraised 
its method of accounting for 
deferred tax liabilities, result- 
ing in an extraordinary credit 
of £20 An. This was offset by 
a charge of £6m to cover the 
costs of rationalising the com- 
pany’s precision easting and 
small transformer business. 

The directors recommended a 
final dividend of 3.6p. giving 
a total of 62p for the year 
<5.5p). 

See hex 


Blue Arrow jumps to £5.1: 


Blue Arrow, the UK’s largest 
employment agency group, 
yesterday announced pre-tax 
profits up from £2426m to 
£S.llm for the six months to 


attributable profit of £3 Aim 
for earnings of 8.5p per share. 

• comment 

Blue Arrow is already tantal- 


April 30 1987 against market ising the market with the pros- 
expectations of around £4J>m. pect of further strategic (circa 
The interim dividend is f5pra-£100m) acquisitions late 
raised from 0.6p to lp per share. ttls y ear » an ADR faabt v from 


improving permanent hire 
market plus a tripling of profit- 
ability at Brook Street — the lat- 
ter was acquired for £19.1m 
and could produce almost £5m 
this year compared with the 
£1.8m warranted for 1985. 
Future plans could involve fin- 
ancial services (insurance 


iXStoM miSse to SbSnS Wy » and, next February, a especially), marketing (AGB 
SJaPunSTSto 5 otSSSZ quote on the NASDAQ (plus a happens to be Mr Berrys in- 
tbe 25P units into 5 ordinary ^ aciag t0 nise funds/b oost itials mid may have bought the 

share availability) as the group customised number plate be 
rockets on towards its target desires) and building mainten- 
ance. In the US, targets vpU be 
in the recruitment core. This 
year £20m looks almost too 
easy. The shares at 770p (soon 
to be divided in five for market- 
ability) are on a prospective 
p/e of 23— not cheap but well 
with buying for the medium 
term. 


of 5p each. It 4s also proposed 
to obtain an ADR facility in the 
US. 

A pre-tax profit breakdown 
showed staff recruitment and 
temporary help services went up 
from £2 -24m to £4.33rn; there 
was a first time contribution of 
£370,000 from executive search 
and selection; an increase from 
£6,000 to £320.000 at building 
maintenance and profits up 
from £13,000 to £95,000 at busi- 
ness travel amid financial 
services. 

The directors said that the 
highly encouraging current trad- 
ing performances throughout 
the operating divisions would 
enable the group to achieve 
record profits for the second 
half, which traditionally saw a 
much greater proportion of 
orefits generated in the UK and 
US. 

Turnover in the period rose 
from £37.43m to £90.79m and 
operating profit was £5J2m; 
interest amounted to £11,000 
and tax took £ 1.79m leaving an 


Of a £lbn market capitalisation 
within three years. So far the 
US majors in the recruitment 
field have dismissed the threat 
from little Blue— but a place 
in the world’s top three should 
be within reach before long. At 
home there has been strong 
organic growth thanks to the 


Campbell & Armstrong at £lm 


Campbell & Armstrong, 
office and shopfitting com- 
pany, raised 1986-87 profits 
to £lm pre-tax, an improve- 
ment of 39 per cent over the 
previous year's £720,000. 

Professor Roland Smith, 
chairman, said the early 
months of the current year 
had seen the order load begin 
to build. 

Turnover for the past year, 
to March 29, advanced from 


£6.18m to f6£9m. Adminis- 
tration expenses rose to 
£935,000 (£587,000). but 

interest charges were cut 
by £82,000 to £45,000. 

After tax of £355,000 
(£235,000) earnings per 5p 
worked through at 9.9p 
(8Jp). A final dividend of 
L9525p makes a total of 
3-2542p net 

The foil year's results were 
the company’s first since Join- 
ing the USM a year ago. 


Courtaulds 
in £ 62 m 
US film 
purchase 

By Martin Dickson 

Courtaulds. the textiles 
and chemicals group, is buy- 
ing Martin Processing Inc, ■ 
US manufacturer of perform- 
ance (very high-quality) 
films, for 999m (£614m). 

MPI specialises in enhanc- 
ing polyester film for vehicle 
and building windows. In 
order to control heat and 
glare. Courtaulds said this 
was a rapidly growing bad- 
ness in which MPI was the 
VA market leader. The com- 
pany also specialises in a 
number of advanced tech- 
nology industrial applica- 
tions, of which metallised 
film tor reprographic equip- 
ment is currently the most 
Important. 

Courtaulds already has sub- 
stantial interests in films, as 
part of its packaging inter- 
ests. Including an R & D 
facility. The MPI deal will 
thus take it into new films 
product areas and will pro- 
vide an additional outlet for 
its research. 

MPTs film sales have 
grown at around 18 per cent 
a year in real terms over the 
past five yeans and 1987-83 
turnover is expected to be 
around $58m. 

Mr Richard Lapthorne, 
Coortanlds* finance director, 
said: “With a prospective p/e 
of around 20, we have bought 
at a price which will avoid 
dilution. The whole of the 
purchase price, which will he 
in cash, will be easily met 
from existing resources ." 
MPTs net income in the 
period to March 1988 is ex- 
pected to cover the financing 
costs of the purchase. 

Courtaulds is buying a 51 
per cent stake in the business 
from the family of the com- 
pany’s founder at 920 a share, 
and Is making a tender offer 
and merger for the remainder 
at the same price. 

Courtaulds reorganised its 
top management last Septem- 
ber and formed a task force 
to develop the group, with 
particular emphasis on its 
chemical and industrial pro- 
ducts operations. 

In 1986 MPI had net 
Income of 82.3m on sales of 
34&6 m but it sold its 
machinery business last 
November and Hs carpet yarn 
business in April; to concen- 
trate on its performance films 
business. 


Nick Bunker on the Stewart Wrightson/Willis Faber merge 

Size ... a key factor for success 


IT MAY have been the best 
piece of broking Mr David Row- 
land ever did in his life. 

Six weeks of merger talks 
with Willis Faber— broken off 
at one point after a dispute over 
“fundamental issues” — culmin- 
ated at 6 pm on Sunday in a 
meeting of Mr Rowland’s fellow 
directors of Stewart Wrightson, 
the world's 12th biggest insur- 
ance broker. 

It gave the green light for 
yesterday's announcement that 
Willis and Wrightson were pro- 
posing to join forces to form the 
world’s fifth biggest brn'cer. 

Long ago Mr Rowland, 
Wrightson’s chairman, had seen 
the Ionic of a merger— but “ the 
catalyst was price,’’ he said yes- 
terday. “X had to believe that 
we were getting the full value 
for the business.” 


* ; 
■■ Ifcfcfe 

i* 


:i|gl| 

. :: 

4 ( 

f l 




. .+*£*****• 


David P almer (left), who is to become rtiafrman of the new 
group, and David Rowland, who will become deputy Aihm^n 


everything for everybody aU tte 

time," said Mr Rowland- We 
are trying to seek out segments 
and provide just what tne 
client wants in each sector. 

For instance, the new 
will be the world's leading 
space insurance broker- It wjU 
be very strong an the us 
plus lines field, and 
UK retail broking 
potato clients and the 
tkm business will be 
WdHis’s ability * ■""EJJgSS. 
natio nal s via the UNISON 
network of brokers wprWgjj® 

to which at and J & H belong. 

First, 
H— 


The questions remain 
Willis’s reliance on J & 
a privately held company which 
is not up for sale — means real 

Carter Brito brokes non-US In fact, that lack of a retail it still lacks the kind of brm 
t the business.” “Wj 3 * reinsuranc e a field in broking presence in the US is grip over its US supply tines xnai 

How good a deal Willis. w «ich J&H and Willis do not what will marie out the new en- Sedgwick arguably secured with 


Wrightson and their share- 
holders have actually got re- 
mains to he seen, though the 
difficult trading conditions 
expected for brokers over the 
next few years will provide the 
key test. 

One possible obstacle— resist- 
ance from New York-based 
Johnson & Higgins, which 
sends large volumes of busi- 


work jointly, according to Mr 
Palmer. 

One reason why J&H should 
take no umbrage at the Willis- 
Wrightson tie is that it involves 
a renunciation by Willis Faber 
of any ambitions to enter US 
retail broking, which would 
bring it into direct competition 
with J&H. 


larged Willis Faber from Its 
fellows among the six biggest 
world brokers. 

Sedgwick, for instance, is now 
strong in US retail via Fred S. 
James, which it bought in 
August 1985. 

The Will is-Wrigh toon merger 
is a sign that both Mr Rowland 
and Hr Palmer see size as a 


its purchase of James. 

Second, can the new Willis 
keep pace with ibe changing 
nature of -the international com- 
mercial lines insurance busi- 
ness? 

The last big capacity short- 
age in the US in l9S5 ^? 
Marsh and McLennan 
to create new forms of poucy- 
offshore msur- 


Sir™ afsittw 


totally supportive ” of the 
merger, said Mr David Palmer, 
chairman of Willis — who yes- 
terday dismissed suggestions 
that J&H*s purchase recently of 
a small Lloyd's firm. Carter 
Brito e Cunt a, signified that 


North American “ surplus 
lines” market, specialising in 
arranging insurance for diffi- 
cult, unusual risks. 

” If we ever tried to buy into 
US retail broking we would kill 


There were explicit dl*. ,rom tr: > diti ' >nal 

cl aimers by both men yesterday underwriters. w;! ,- 

of any ambition to challenge Will an expanded . 
■‘mega-brokers” like New bare the ability to create the 
York-based Marsh A McLennan ACE and XL of the : to 

by offering services across service its multinational cor 


Xjnio e nunc a, signmeq tnat ua reiau nronng ve wouia nu tvw> next 

the 88-year-tie between Willis off Stewart Smith,” said Mr every class of insurance every- pome flj ™ Dei 

and the New York broker was Tony Keys, Wrightson’s group where, insurance crisis mis. 

weakening. development director. “If you are Marsh you do Only time will telL 


VSEL advances to £15m 


VSEL Consortium continued 
to progress through the second 
six months of 1986-87 and for 
the full year raised its profits 
from a pro-forma £11.96m to 
£15.01m at the pre-tax leveL 
The group is the largest war- 
ship builder in the UK and 
Britain's only submarine 
builder — the results were 
VSEL's first since it came to 
market last July. 

Dr Rodney Leach, chief 


export orders wherever oppor- 
tunities exist. 

The directors looked forward 
to another period of steady 
achievement in the current 
year. 

For the past year (to March 
31) pre-tax profits benefited 
from a £2.1 Ira reduction in in- 
terest charges to £2J9m. Tax 
accounted for £L06m (£8,000 
credit) and extraordinary items 


yard at Barrow-in-Furness and 
the Cammell Laird yard at 
Birkenhead. The yards were 
due to be privatised by end- 
March 1986. 

9 comment 

Employees who backed last 
year’s buyout must be quietly 
pleased to see these figures 
from VSEL. With at least £14m 
expected, they were not a sur- 


executive, said yesterday that * or ^.18m (£4.5m). The latter p r i se| but the company’s show- 



Rk*KHdPesWn 

Chairman 


Our prospects are excellent. 

So are the results. 


Yearto31 March 7987 

Rente receivable 

£26.39rraffion 

+24% 

Net revenue after lax 

£14.00 million 

+18% 

Earnings per share 

9.2p 

+18% 

Total dividend for year 

7.3p 

+10% 


Group's property assets now well over £400 million 


Great 

Portland 


PROPERTY INVESTMENT 
AND DEVELOPMENT 


faa«^oittieT987RBp(ri&Acco(jTtev^lome99a^a^Knig^l^^ 56MortmCTSte^.LoTXtonWlN8BD 


the £300m in new facilities 
aproaching completion in 
Barrow, added to advanced war- 
ship building design and con- 
struction techniques and an in- 
creasingly flexible workforce 
across traditional demarcations 
in both Barrow and Birken- 
head, provided the group with 
a unique opportunity which it 
was grasping with both hands. 

Dr Leach pointed out that 
with a solid £lbn plus order 
book VSEL had a real chance 
to act as a catalyst to assist 
economic regeneration and 
progressive industrial growth 
in north west England. 

He added that design de- 
velopment and construction of 
the Trident submarine was a 


provision consisted of costs in- 
curred in acquiring the invest- 
ment in Vickers Shipbuilding 
and Engineering and of ob- 
taining a listing on the Stock 
Exchange. 

Earnings per £1 share 
emerged at 39.8p (34.2p) and a 
final dividend of 6p makes an 
8p net for the year. 

The group also announced 
yesterday that Sir David Nicol- 
son would be stepping down as 
chairman at the September 
annual meeting to concentrate 
ou other activities. 

Lord Chalfont. a boardroom 
colleague of Sir David’s, will 
succeed him as chairman. 

The 1985-86 pro-forma profit 


complex and exciting engineer- was calculated on the assump- 


ing challenge matching any in 
UK industrial history. 

Shareholders were told that 
the group was well placed for 
success and also in better shape 
than for many years to seek 
and compete successfully for 


tion that the capital structure of 
the consortium had been in 
place for the whole year to 
March 1986. 

The consortium was formed 
to mount an employee-led buy- 
out of the Vickers shipbuilding 


ing is impressive, particularly 
as Trident has yet to produce 
profits under the company's 
conservative accounting policy. 
An election result which en- 
sured the future of the Trident 
programme, coupled with ex- 
port possibilities to Saudi 
Arabia and Canada, and- 1 be 
potential of the new AS90 self- 
propelled howitzer currently 
being evaluated by the British 
Army, all make VSEL’s pros- 
pects look good. It plans to 
get away from its 98 per cent 
dependence on MoD work, and 
use sub-contractors instead of 
the customary massive intake 
of new staff to even out the 
peak - and - trough syndrome 
which has been the bugbear of 
shipbuilding. Around £I7m is 
expected next time, which on 
a tax charge of 7 per cent and 
a share price up lOp at 536p, 
puts it on a prospective p/e 
ratio of just under 12; not a 
discount to the sector, but still 
good value. 


Benlox chief disposes of stake 


BY NIKKI TA XT 

Benlox, civil engineering and 
investment dealing group, which 
unveiled a £X7m contested bid 
for another mini-conglomerate, 
Notion, last Friday, yesterday 
revealed that almost 25 per cent 
of its shares were now held be- 
tween Dr Ashraf Marwan, the 


shares, said that the three MIM 
funds had taken a stake of a 
little less than 10.5 per cent. Dr 
Marwan had a similar holding, 
and London Investment Trust 
had 2.62 per cent 


In view of tile Notion board's 
opposition to the bid, Benins 
has released institutions speak- 
ing for 16.48 per cent of Notion 
from irrevocable undertakings 
to accept the offer, though it 
still expects them to accept 


A further 0.5a shares have 

Egyptian financier, three MIM- Xf ^eJSf'tUsei oswLThe Nolt P n shares ed e ed 2p higher 

Britannia funds, and London W?S«SlSat«S^ to 7Qp yesterday. 9p above Ben- 

Mr Millar’s disposal, accord- 
ing to his advisers, was to avoid 
a mandatory offer fdr Notion 
should the bid succeed. He 
holds 16.8 per cent stake and 
Benlox holds a further 12.65 per 
cent 


Investment Trust 
The shares were previously 
owned by Mr Andrew Millar — 
chairman of Notion until last 
January and now occupying a 
similar post at Benlox. 

Beolox's advisors, Ifincorp 
Earl, which placed the 4.5m 


lex’s cash alternative. 

Meanwhile, the £7m acquisi- 
tion of ISneorp Eaii, together 
with agency stockbroker, Ariel, 
by Mr Nick Oppenheim’s Tran- 
wood, was approved yesterday 
by shareholders at an 
Emergency General Meeting. 


A. Cohen more 
than recovers 
lost ground 

A Cohen, manufacturer of 
non-ferrous metal ingots, 
more than recovered the 
ground lost last year with pre- 
tax profits more than doubled 
In 1986 from £L25m to £2.6m. 
In 1984 the profit was £2.42m. 

The directors said that the 
improvement had largely been 
due to a combination of an 
outstanding performance by 
the Australian subsidiary, 
Nonferral, and a major turn- 
around in the. performance of 
UK operations. They said 
that so far the 1987 year was 
proceeding with figures which 
suggested that the company 
would have a good year. 

Turnover last year was mar- 
ginally higher at £49.23m 
(£48 Aim); UK and overseas 
tax totalled fl.l&n (£940,009). 
Minorities amounted to 
£247,721 (£191.481) and there 
was an extraordinary credit of 
£18,142 (174276 debit). 

Earnings per share climbed 
from just 8.6lp to 65.11p and 
the total dividend is increased 
from 10.8p to J2.1p with a 
final of 8.4p. 


Rotaprint 

recovering 


Rotaprint, printing eouip. 
meot manufacturer, continued 
i4s improvement following re- 
organisation and share capital 
changes reporting pre-tax losses 
for the year to March 29 1987 
down from £1.2 9m to £472,000. 

The results were accompanied 
by a much stronger order book, 
directors said, and they ex- 
pected that cost reductions and 
improved customer service 
would increase soles and im- 
prove profitability in the 
present year. 

£l3 i 77m < 214.91m ) 
and losses per 5p share came 
out at 0.12p (0.5SP) Came 


BmTANNIA SECURITY Group 

FiImWnd Services 
(London) for a maximum £1 lm 

v k° nde d warehouse 

row^^A ^otai^i? 086 t0 He4th ’ 
row. a total 50 per cert 

the consideration was paid ?n 

balance wilTbetoked 
to performance over two years. 


THE NEWSPAPER 
INDUSTRY 

Hie Financial Times proposes to publish 
a Survey on the above on 
THURSDAY JULY 23 19S7 

Topics proposed for discussion include:— 

New Titles 

Fleet Street 

Typesetting Technology 

Printing Technology 

Local Newspapers Technology 

The Regional Press 

Free Sheets 

The Advertising Market 

For information on advertising and a full 
editorial synopsis, please contact: 

Nina Jasinski 

Financial Times, Bracken House 
10 Cannon Street, London EC4P 4 BY 
Tel: 01-248 8000 Ext. 4611 




S P O N S OREDSECUR^f^ 


BO 


High Low Company 

175 133 Am. Brit. |nd. On). 

170 145 Ass. Brit, ]nd. CUIS 

34 Armitaga and Rhodes .* 35 

67 BBS Design Group (USM) 

200 21S Bardon Hill Group .......... 

170 96 Bray Technologies „„ 

1» 130 CCl. Group Ordinary ™ 

!2 iS Grou ° ,1pc Conv - 123 d 

146 136 Carborundum Old 1fla 

94 91 Carborundum 7.5pc Pr*f. 

106 87 George Blair 

143 119 lets Group _____ 

137' 119 Jackson Group , , 

321 James Biimugb **" 

97 86 Jannea Burraugh Bpc Pm * m 

2 «o Muwhou^Nv^msT,' :::::: * 

434 351 Bacon, Ridgway Ordinary .... 

» te Record Ridgway 10pc prof. 

91 80 Robert JenUna 

110 42 Scrunone 

180 141 Tordey and Carlisle 

<10 321 Trevian Holdings 

108 73 Unilock Holding- 


p.i Gross Yield 

Change dhi.(p) •£ 
^ 1.3 


196 

116 


VTWttr AlcunAj, - ’« 

190 W. S. Yeates ™ M 

tnri.. I--. .. *—**••• ’««a 


gttssBisab 

TdephoncOi-tiU 

Member of FIMBRA 


175 

— 

170 


38 


7B 


290*d 


170 


190xd 

+3 

123 


148 


92>d 

- _ 

106 

- _ 

120 


137xd 

+ 1 

390xd 


97 


510ad 


434 

+2 

&Zxd 


80 


110 


ISOad 


410 


1Q8xd 


187 

+2 

195xd 

_ 

107 

+2 


10 jo 
4J 
1.4 

6.3 

4.7 
11.5 

15.7 

5.4 

10.7 
3.7 

U 

18.2 

12.9 

IX 

14.1 


4.2 
5.9 
Tt.1 
1.8 
1 3 
ZB 
6.1 
> 2.8 

3.7 
11.6 

3.5 

5.9 

4.7 
13.3 


P/E 

10.7 

5.3 

18.1 

23.9 

13.8 
4.9 

12.7 

2.7 
?.« 


— 202 
— BJ 
17.2 — 





! 9 


0 


# 











■v 


Financial Times Tuesday June 30 1987 




% 


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- h \ - 

•• ■ ■•'■» S 


>- ‘v_0V 




UK COMPANY NEWS 


Atlantic Computers stake 
sold in £55m transaction 


BY STEPHEN RDLER 

THREE major shareholders in 
Atlantic Computers, the com* 
puter leasing group, yesterday 
sold a large block of the com- 
pany’s shares in a transaction 
valued at more than £55m. 

The 7.5m shares, 9.3 per cent 
of the company's equity, were 
sold by cioscly-linked companies 
which have undertaken to main- 
tain for at least three months 
their remaining stakes in 
Atlantic of 8 per cent each. 

The companies are Vagos 
Corporation, a privately-held 
company advised by Mr Leu 
Jagger, which cut its stake by 
2.7m shares; Peakhurst Corpora- 
tion, a Panama-registered 


company advised by his son 
Nigel, which reduced its stake 
by 2.1m shares; and Canford 
Resources, advised by Mr Ian 
Skipper, which also lowered its 
holding by 2.7m sham. 

The sales return their stakes 
to the level of April 1986. 

The shares in Atlantic, whose 
market capitalisation has grown 
from £10m to more than £5 50m 
in four years, were placed at 
735p each in about two hours 
yesterday morning by Salomon 
Brothers, the US investment 
bank. 

Salomon had bid for the 
shares at an undisclosed price 
in a " bought deal ” reminiscent 


of US practice, but increasingly 
used in London as a method of 
placing large share blocks. 

' Placement was achieved with 
little immediate Impact on the 
share price, although in later 
trading it dipped 21p to close 
at 750p. 

About half the shares were 
placed with UK investors, and 
the rest mainly in Europe, but 
also in Japan. Tbe company, 
which merged with its rival 
Comcap in April, is aiming to 
widen its shareholder base out- 
side of the UK and intends to 
take a roadshow to the US nest 
month to explain the company 
to investors there. 


H Ingram buys CoxMoore 


BY CLAY HARRIS 

Harold Ingram yesterday 
ignored the heat and prepared 
to don a brand new CoxMoore 
sweater. Tbe knitwear group 
announced .plans to pay £18.9m 
In shares for two privately 
owned textile groups, Readson 
Group and CoxMoore Holdings. 

CoxMoore, the latter's label 
for men's luxury knitwear, will 
give its name to the combined 
company, which has total an- 
nual sales of £53m. 

Ingram accounts for less than 
one tenth of the total. It yes- 
terday reported a fall in pre- 
tax profits from £346,000 to 
£324,000 on turnover sharply 
down from £5. 26m to £3.69m in 
the year to April 30. An un- 
changed final dividend of 1.75p 
maintains the total at 3p 

Ingram shareholders approve 
the acquisition and a £6.65m 
placing of new shares, they will 
end up with less than 16 per 
cent of the new group, which 
will be valued at £Sl-3m at the 


placing price of 140p. The 
shares were suspended last 
week at 170p. 

Mr Michael Renton and Mr 
Martin Green, who control 
Readson and CoxMore, will 
assume key executive roles at 
the new company, which they 
describe as a knitwear, garment 
and textile manufacturer of con- 
siderable size and presence. The 
vendors will control 60 per cent 
of CoxMoore. 

Readson, the Midlands-based 
group acquired by Messrs 
Renton and Green in January 
1986. makes and processes 
textiles and manufactures 
underwear, swimwear and other 
clothing. CoxMore, taken over 
two months ago, makes high- 
quality knitwear in Derbyshire. 
More than half of its production 
is exported. 

The two companies achieved 
pre-tax profits of £12m on sales 
of £49.3m in tbe year to M-irch 
31. Their net assets at that date 


DIVIDENDS ANNOUNCED 

Date Corres- Total Total 
Current of ponding for last 
payment payment div year year 


Bine Arrow ... 
Bogod Pelepah 
Bogod Pelepah 
Campbell Arm 


Dowty 

Eldridge, Pope 

FNFC 

Harold Ingram 
Lynton Prop .. 
Prism Leisure^ 


.int 

2 

Aug 21 

0.6 

— 

2 


02 

— 

02 

025 

0.31 


0.4 

— 

0.4 

0.5 

0.62 

net 

125 

Aug 14 

— 

325 

— 

.int 

0.83 

— 

0.83 

— 

7.15 


8.4 

Aug 28 

7.5 

12.1 

10.8 


3.6 

— 

32 

62 

5.5 

.int 

32 

— 

325 

— — 

7 

.int 

3 

Aug 26 

2.25 

— 

6.39 


1.75 

— 

L75 

3 

3 


3.85 

Sept 11 

3 

5.5 

4.5 


0.73 

Aug 14 

— 

— 



1.15. 

— 

— 

L15 

— 

.... 

6 

— 

— 

8 

— 

int 

1.3 

Aug 8 

• — 

— 

— 


Dividends shown pence per share net except where otherwise 
stated. • Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. tUSM stock. 
S Unquoted stock. 1 Third market |i Shares placed in 
December 1986. 


Wells Fargo 
& Company 

U.S. $150,000,000 

Floating Rate 
Subordinated Notes 
due 1992 

hi accordance with the 
provisions of ihe Nows, notice 
is hereby given that for ibe 
Interest period 
30th June, 1987 to 
31st July, 1987 

the Notes wfll carry an Interest 
Rate of 7-225% per annum. 

Interest payable on the relevant 
interest payment date 
31st July, ©a? wiB amount 
to VSSSL22 per US$10,000 
Note. 

Agent Bank: 

Morgan Guaranty Trust 
Company of New York 
Loudon 


Wells Fargo 
& Company 

U.S. $100,000,000 

Subordinated 
Floatin'? Rate 
CapitalNotes 
due September 1997 

In accordance with the 
provisions of the Notes, notice 
is hereby given that for the 
Interest period 
30th June, 1987 to 
30th September; 1987 
the Notes wm cany an Interest 
Rate of 73-ic% per annum. 
Interest payable on the relevant 
interest payment date 30th 
September, 1987 wiB amount to 
US$186- SS perUSSlO.OOO Note. 

Agent Bank: 

Morgan Guaranty Trust 

Company of New York 


totalled £5 .6m. 

The Take-over Panel has 
waived the requirement that a 
general offer be made to 
Ingram shareholders. A claw- 
back of the shares to be placed 
was ruled out in order to 
broaden the shareholder base 
and widen the market in the 
shares. 

Mr Walter Dickson, Ingram 
chairman, said that the 1986-87 
results reflected the impact of 
a fire in August which 
destroyed the company's dye- 
works and affected knitwear 
production. 

The group had been 
adequately insured for the loss 
of profit and the costs of re- 
building end re-equipping the 
dyeworks. Construction was 
expected to be completed by 
October or November. 

If the acquisitions are 
approved, dealing in Ingram 
shares is expected to resume on 
July 23. 

Unit Group 
beats forecast 

UNIT GROUP yesterday re- 
ported a rise in pre-tax profits 
from £204.346 to £604.027 
exceeding the timber pallet 
manufacturer’s forecast by 
£94.027. 

These results are the first 
since the company joined the 
Third Market. 

For the year to end-March 
turnover rose 31 per cent to 
£13.4m (£10. 3m). Earnings 

per share were 19.4p. Divi- 
dend is the promised 1.15p. 

Tax losses brought forward 
from previous years reduced 
the tax charge to approxi- 
mately 8 per cent and the 
charge for 1987-88 is also 
expected to be significantly 
lower than the standard rate. 
This is a legacy from 1983-84 
when the company slipped 
into losses because of a sad- 
den rise in raw material 
prices. 


CCA suspended 

Shares in CCA Galleries — 
formerly Christie’s Contempo- 
rary Art— were suspended at 
106p yesterday. An announce- 
ment Ls expected on Wednesday. 
Shares in OCA were placed at 
80p on the Unlisted Securities 
Market two years ago. Profits 
reached £486,000 before tax in 
1986. 


OPTOMETRICS (USA) (opti- 
cal components manufacturers): 
Turnover US$2.57m (£1.59m) 
for year to March 31, compared 
with 82.63m. Pre-tax profits 
$82,000 ($326,000 loss) and 
earnings per share 0.9 cents 
(2.8 loss). Investment income 
$9,000 ($31,000) and interest 
payable $92,000 ($132,000). 

Tax credit 9 8.000 ($47,000). 


Lynton 


FINANCIAL SUMMARY 


INVESTMENT PROPERTIES 


REVALUATION SURPLUS 


NET ASSETS PER SHARE 


UP £26m TO £174m 


UP 8% IN 8 MONTHS 


UP 10% TO Slip 


PRE-TAX PROFITS ▲ UP FROM £495111 TO £525m 


UPBY22%T05J5p 



DIVIDENDS PER SHARE 


THE PORTFOLIO 


50% IN CENTRAL LONDON 


30% RETAIL 


98% FREEHOLD OR LEASEHOLD OVER 100 YEARS 


RETORTAND ACCOUNTS FQRTHE YEART031dMABCH 198? WILL BE AVAILABLE WCMTHE SECREW0T 


“WE HAVE SEEN A CONSIDERABLE INCREASE IN OUR ACTIVITIES 
SINCE THE MERGER AND lAMOPTMISTIC FOR THE LONG-TERM 
FUTURE OF THEENIARGED COMPANY.” 

MMJBSCElAMBEXr, CHA0DMH 


Lynton Property & Reversionary PLC 
Rased For Growth 

Albany House -fttty France- London SWlH9EETdephonc 01-222 4848 


Nimslo loss 

above $lm 
despite 
3-D sale 

By Philip Coggan 

Nimslo International, the 3-D 
camera company which has 
been struggling since it joined 
the VSM in 1982, yesterday 
reported a further pre-tax loss 
of $1.14m in the year to 

February 3, despite an excep- 
tional credit of $2£3m. 

The company’s activities have 
been vastly reduced following 
the sale of its professional 
portrait operations and the sale 
of its rights in amateur 3-D 
photography to Nissei and i 
Quantronics — the latter deal 
bringing in the exceptional 
credit. Turnover last year was 
only $l.9m compared with 
$33. 2m the previous year. 

Nimslo now hopes to earn 
licence income aitd to exploit 
1 its system in countries outside 
I the US. Processing of film will 
continue to be an activity and 
I the company has just opened 
| a centre in Henderson. Nevada, 
but costs still need to be 
I reduced. 

Tbe accounts are qualified by 
auditors Peat. Marwick. Mit- 
cheH in respect of itfce valuation 
of intangible assets and of 
Nknslo’s remaining stocks of 
3-D aameras. No dividends have 
been paid or proposed for the 
year anti the loss per share was 
UScl.l (UScl.9 loss). 

Stat-PIns shares 
rise by 45p 

Stat-Plus, office and law 
stationers, saw its market 
capitalisation rise by more than 
10 per cent yesterday after It 
was announced that Mr Derek 
Bird, the chairman, had sold 
1.1m shares in the company on 
Friday. This reduced his hold- 
ing by half to 5.2 per cent 

The shares were placed at 
320p by the company’s brokers, 
Lawrence Prust, with a selection 
of major institutions. 


FNFC surges 68% to £22.4m 


SUBSTANTIAL rises from both 
the commercial lending and 
consumer credit divisions 
boosted First National Finance 
Corporation for the six mouths 
ended April 30 1987. 

Ou turnover, excluding bank- 
ing business, down slightly at 
no.Tam, compared with 
£11. 77m, pre-tax profits came 
through 68 per cent higher at 
£22.4 2m (£33.37 a), and ful- 
filled company's expectations, 
said Mr Richard Langdon, 
chairman. 

The first half growth was 
mainly because of increases in 
business transacted, but was 
also aided by a reduction in 
costs. Improved efficiency was 


derived from maximising the 
use of the group’s existing 
structure and decreases in 
interest payments. 

Profits were divided as to 
property. £3 .57m (£4.02m) , 

commercial lending £4 .67m 
(£216.000), consumer credit 
£16. 53m (£11.5m). First Nat- 
ional Securities £L34m loss 

(£226m>. 

The directors said that the 
apparent decrease in profit- 
ability of the property sector 
was because of the uneven 
spread of activity over the year 
in this area. Some contracts 
were now reaching completion, 
so there was every expectation 
that this division would show 
good growth over the full year. 


After tax of £3-5m (£J24m) 
earnings per lOp share were 
given as lS.lp (9£p) basic and 
ll-5p (9p) fully diluted while 
the interim dividend is lifted 
to 3p (225p) net — last year's 
final was 4.14p paid from pre- 
tax profits of £36 .43m. 

• comment 

The market has a long 
memory and FNFC has still not, 
relative to the All-Share Index, 
regained the rating it had in 
1973. However, in the last six 
months the company has shown 
signs of returning to favour — 
the share price has risen over 
50 per cent and closed last 
night up 4p at 3l9p. The com- 
pany’s cautious approach on 


Hawthorn 

trebles 


Hawthorn Leslie Group, the 
company formed last February 
by the reverse takeover of Haw- 
thorn Leslie by Adam Leisure, 
reported interim pre-tax profits 
of £692,000 compared with 
£235.000 for the six months 
ended February 26 1987. The . 
results have been compiled on a 
merger accounting basis. 

Mr Remo Dipre, chairman, 
said the board considered it 
impractable at this stage to 
make any dividend payment but 
it was confident that it would 
be able to declare a dividend 
at tbe year end. 


BOARD MEETINCS 


Govett trust buys large 
stake In Smith Doctus 


TODAY 

Interims;— KLP, LPA industries, 
Tekrvi«on South. John Williams oi 
Cardiff. 

Finals:— Fuller Smith and Turnar. 
Haiwe toon, Hobson, Mercury Asset 
Management. Mercury International. 
North Housing Association, Benjamin 
Flint Rows Evans Investments, Royal 
Trusr Dollar Incoma Fund. Sound 
Diffusion, WCRS. 

Interims — 

Philips Lamps July 29 

Scottish Mortgage and Trust July IS 

Finale— 

AAH July 7 

Battayo July.. .9 

Cambridge Instrument July 8 

Carcfo Engineering July S 

Costed Electrodes lntnl July 2 

Dixons July IS 

Hillards — July 3 

Joseph (Leopold) July 8 


BY NIKKI TAIT 

Govett Strategic Investment 
Trust, the general fund with a 
policy of taking sizable holdings 
in its UK investments, has 
picked up a 14.68 per cent 
stake, at 165p a share, in Smith 
Doctus, the company which 
resulted from a merger of 
Smith Whitworth and Doctus 
Management Consultancy in 
April. 

The seller is Mr John Barker, 
formerly chairman of Smith 
Whitworth, wbo will be resign- 
ing as a director of the com- 
pany. The company says the 
arrangement is an entirely 
amicable one and that it is sorry 
to lose Mr Barker's services. 

Mr Barker is also selling 


2,172 preference shares (4.83 
per cent) to Govett. The total 
ordinary share holding of John 
Govett funds will now be 17.38 
per cent. 

Smith Doctus has also 
revealed a £53,953 loss before 
tax in the year to end-March 
(before Doctus was merged), 
compared with a £68,174 deficit 
in the previous 12 months. The 
year-end is being extended to 
September 0, ti bring it into 
line with Doctus, which 
reported profits of £422,879 
before tax in the 24 weeks to 

March 20. 

Tbe shares added 2p to 147p 
yesterday. 


SHARE STAKES 


Saatcht and Saatchi— Direc- 
tors Charles Saatchi and 
Maurice Saatchi each purchased 
350,000 shares. 

Airflow Streamlines — Mrs 
J. P. Winn has disposed of 
71,600 ordinary and now holds 
508,51 (5.95 per cent). Mr J. N. 
Winn acquired 71.600 and now 
holds 427,190 (5 per cent). 

Trust of Property — Mr and 
Mrs A. N. Solomons have dis- 


posed of 60,000 ordinary and 
are now the beneficial owners 
of 362,000 (6.03 per cent). 

Loudon Divestment Trust — 
On June 24 and 25 P. R. Dupee 
acquired the following shares: 

500.000 at 63p; 400.000 at 65p; 

100.000 at 64$p, and now holds 
18.35m (20.17 per cent). 

B. Elliott — Mr J. E. Frye, 
chairman, acquired 75,000 ordi- 
nary at 93p net of expenses. 


lending shows it is only too 
aware of the lessons of the past 
—its bad debt provisions on 
consumer credit are under con- 
trol and its commercial lending, 
vastly expanded because of the 
acquisition of TCB, was held 
back because cr> tamers were 
actually repaying early. 
Property profits were slightly 
disappointing in the light of the 
buoyant housing market but 
that should redress itself In tbe 
second half and pre-tax profits 
could top £50ra. That puts tbe 
prospective p/e at only 12 
which is not overdemanding 
considering how well the com- 
pany has recovered from the 
dark days of 1974. 


South Africans’ 
Baynes stake 

By Nikki Tait 

Hot on the heels of Friday’s 
deal at Acsis Jewellery, another 
small shell company — Charles 
Baynes — is coming under the 
control of a South African 
businessman. 

This time, 39-year-old Dr 
Bruce M clones — currently 
chairman of a quoted South 
African diesel engines company. 
Hudaco — is planning to take a 
31.9 per cent stake in Baynes. 

Under the deal, which 
requires shareholder approval, 
Lotus Investments — a British 
Virgin Islands company, con- 
trolled by Dr MCInnes’ family 
trusts— will subscribe for 10m 
new shares in Baynes at 20p a 
share, and be granted an option 
over a further 3.7m shares at 
the same price. Hambros, the 
merchant hank, will subscribe 
for a further 5m on similar 
terms, and place at least 4m 
with institutional and other 
Investors at 21p — 225m to 
investors in concert with Lotus. 

A farther 42m shares will 
then be issued via a one for four 
rights issue, again at 20p. Net 
result will be tD raise approxi- 
mately £3.8m for Baynes and, 
assuming exercise of the 
options, give Lotus a 31.9 per 
cent holding. 






Trading profit up 24% 
-order book up22% 


The reorganisation of the Group into five divisions was 
successfully implemented during the year. All divisions 
increased sales, but the profits increase was derived from 
strong performances in Aerospace, Mining and Information 
Technology. And with acquisitions both last year and after 
the year end we have increased our range of products and 
broadened our geographic base. 

The Aerospace Division benefited from new civil programmes on 
Airbus A320, de Havilland Dash 8. Fokker 50 and 1 00 and improved 
product support sales. The purchase last month of HUI Inc will give new 
access to the US civil and military aviation markets. 

The Electronics Systems Division had continuing high levels of 
engineering spend for bids on new work and for product development; 
which led to an increase in the order book of 42%. The submarine 
combat system is at an early stage of development is on schedule and 
progressing well. 

The Information Technology Division grew well, with strong 
contributions from communications equipment in the US, and VDUs and 
modems in the UK. Turnover increased by 11% and profits by 40%. 

The Mining Division had an exceptional year, benefiting from the Dowty 
Meco reorganisation and a good performance overseas. 

The Industrial Division performed well in difficult conditions in the UK 
but enjoyed success overseas. The recent acquisition of Woodville 
Polymer Engineering, a leader in stealth technology, will enhance product 
range and profit potential. 


RESULTS IN BRIEF 



1986/7 

1985/6 

' Turnover 

£573m 

£51 9m 

Trading Profit 

£61 Sm 

£49.5m 

Profit before tax 

£55.7m 

£47.6m 

Order Book 

£578m 

£473m 

Net borrowings on 
capital employed 

9.6% 

10.5% 

Earnings per share 

16.6p 

14.4p 

Dividend per share 

6.2p 

5.5p 

Dividend cover 

2.7 

2.6 


Year ended 31st March 
Turnover 
Profit before tax 


5 YEAR RECORD 

1987 1986 1985 

£573m £51 9m £463m 
£5 5. 7 m £47.6m £44.2m 


1984 1983 

£402m £420m 
£36.5m £36.4m 


1986/87 Report and Accounts will be available from The Secretary 
on Wednesday 19th August 1987. 



Dowty Group PLC, Arle Court, Cheltenham, Gloucestershire, England, 
Telephone: Cheltenham [0242J 52141 1. 






Financial Times Tuesday June 30 19S7 



ME 11 L I \ 


merlin international properties limited 

(incorporated in the bte often, regstaed no. 25783) 

Introduction to the Official list 
Bights Issue 

ARRANGED AND UNDERWRITTEN BY 

Citicorp Investment Bant Limited 

OF 

6,000,000 New Ordinary Shares of 25p each 
at 130p per share 

AND 

30,000,000 Convertible Preference Shares 
of ^1 each at par 

listing Rutictriars relating to the Company and the Rights Issue are available in the Extel 
Statistical Service and copies of such particulars may be obtained from the Company 
Announcements Office, The Stock Exchange, Throgmorton Street up to and including 
2 nd July 1987 and up to and including l4thjuly 1987 during usual business hours (Saturday 
and public holidays excepted) from: 


Citicorp Investment Bank Limited 
335 The Strand 
London WC2 


Scrimgeour Vickers & Co Limited 
20 Copthall Avenue 
London EC2R7JS 

©30th June 1987 


UK COMPANY NEWS 


Redfearn expands into packaging 


BY DAVID WALLER 


Redfeam National Glass yester- £58 for the year to the end at 520p, a 69 per cent expansion criteria: BFL s activities win- 
day announced a significant of September. of the company’s equity. plement our existing package 

diversification with the £19 .5m The Yorkshire-based glass Mr Arthur Church Red- ing businesses, and we can 


diversification with the £19 .5m 
acquisition of a flexible packag- 


Yorkshire-based 


of the company’s equity. 
Mr Arthur Church, 


and plastics manufacturer fore- feara’s chief executive and bring our skills and Icsour j'®* 


ing company from Bunzl, the cast that pre-tax profits for the principal architect 


paper and plastics group. 


the to 


current year would be no less company’s recovery from losses customers in. common. 


Bunzl FI expack (BFL) made than £3. 6m, excluding any con- in 1984, said that he been 


operating profits of £L2m on tribution from BFL. 


looking for a "third leg' 


turnover of £34.1m in 1986. This The purchase is to be financed the business for some time. 


compares to Redfeara’s pre-tax by cash raised from the placing “ At last 


have found 


BFL has between 8 and 10 
per cent of the UK market for 
flexible packaging and its 
turnover is divided equally 


profits of £2.6m on turnover of of 3.95m new Redfearn shares something which meets our ^tween" confectionery, bis- 


Zetters considers bingo spin-off 


BY CLAY HARRIS 


food. 

It made a loss of some £3.5m 
three years ago. In the past 
eighteen months, Bunzl has in- 
vested £5m on new plant ana 
machinery. "The benefits of 


Zetters Group shares rose new capital, Mr Paul Zetter, contributed nearly 54 per cent this have vet to feed through." 
another 15p yesterday after the chairman, said yesterday, of Zetters* £L67m operating Mr David Richards. Red- 


football pools operator said it Zener’s shareholders would 
was considering spinning off its receive shares in the bingo off- 
bingo dubs into a new company shoot 


with a separate listing. The move would give the 

Closing at a record 395p yes- Zetter family, which controls 
terday, Zeller's shares have the company, a means of keep- 


would profit in the year to March 1986 feara’s finance director, 
go off- on only 29 per cent of the £28m ^ 

turnover. The acquisition will reduce 


The move would give the The company intends to proportion of Redfearn’s 
— — — ■’ — *- ■ - - - turnover derived from olMB 


risen by 50 per cent since the 


Zetter family, which controls announce further details in turnov “ oerivea irom 

the company, a means of keep- August, with its 1086-87 results. f? P* r . ce “* 

ing the pools operation even if N. M. Rothschild and Wood half - .^fleeting this, the corn- 


beginning of June. The com- the bingo business was sub- Mackenzie are advising Zetters. 5*°^. ** to change its name to 


pany has a market value of 
nearly £26m. 


sequently taken over. 

Zetters operates 28 bingo 


The possible demerger would clubs in the Midlands, west of 


Apart from the proposed 
demerger. Zetters said it knew 
of no other reason for the 


not involve the raising of any England and south coast They recent surge in its share price. 


simply Redfearn pic. 

Redfearn’s shares fell 34p 
yesterday to 554p. Bunzl lost 
2p to 268p. 


C.E. Heath £5.5m 
sale to cut borrowings 


BY NICK BUNKER 


Wilding Office profits 
over £lm in first half 


C. E. Heath, the insurance approval from the French 
broker, is selling its 90 per cent Finance Ministry, 
stake In a French underwriting Groupe Sprinks acts as an 
agent for FFr 54m (£5. 5m) in underwriting agent for various 


Wilding Office Equipment, 
proval from the French shares of which were placed in 
nance Ministry. the main market last December 

Groupe Sprinks acts as an ^ 135p per share, announced 


interim profits 


cash In a move that will release insurers which include its months to March 31 1987 of 
money to repay some of Heath's wholly-owned subsidiary Com- £l.02m compared with £680.000 
borrowings and help finance pagnie Francaise D ’Assurances for the corresponding period of 
expansion of the group’s Europeenes SA. the previous y ear. 

broking activities. The net book value of Heath's Mr Terry Wilding, the chair- 

Heath said it had agreed to 90 per cent of Groupe Sprinks man, said sake had been very 
sell its holding in Groupe is FFr 59m, and the company good over the first half as e/- 


snt, Turnover in the first half was 
in up from £21.04m to £15&2m and 
aer operating profit was £1.04m 
red (£708,Q00m). Other income was 
six £53,000 (£49,000) while interest 


months -to March 31 1987 of payable was £70,000 (£55,000). 
£1.02m compared with £680.000 There was no additional zenrjon 
for the corresponding period of contribution this time (£22,000) 
the previous year. and tax took £373,000 (£268,000) 


sell its holding in Groupe is FFr 59m, and the companv 
Sprinks SA to SIS Holdings, a made a pre-tax profit of 
privately-owned Swiss financial FFr 51m in 1986. 


Mr Terry Wilding, the chair- leaving earnings per Share at 
man. said sales had been very 5 & p (4-2p)- ‘ . „ „ „ 

good over the first half as e/- An interim dividend of 1.3p 
peeled and with the company’s ^ as been declared. 


services group formed recently Mr 
by three former employees of group 



the Swiss Reinsurance group. Heath’s strategy was now much 
The deal is conditional on more towards broking rather 


Tt 51m in 1986. strong management and market- ■ • • . j ‘ ' ’ 

Mr Peter Pres) and. Heath’s ing policy he bad every confi- JOHN BEALES (underwear 
oup finance director, said dence that the pace would manufacturer and supplier of 
ja th’s strategy was now much continue throughout the second refrigeration equipment) has 
ore towards broking rather half. acquired Staffs Refrigeration & 


This announcement appears as a matter of reooid only 


DAF finance GampanyMK 


DAF Finance Company NY. 

Dfls 100,000,000 


Commercial Paper Programme 

Arranged by 

Amsterdam-Rotterdam Bank N.V 


June, 1987 


U.S. $400,000,000 



The Kingdom of Belgium 

Floating Rate Notes Due July, 2005 

In accordance with the provisions of the Notes, 
notice is hereby given that interest payable on 
31st July, 1987 wiH amount to U.S.$8,645-84per 
U.S.$250.000 Note. 

Interest rates applicable are as follows: 

30th Jan. 1987 to 27th Feb. 1987- 6 V«% 

27th Feb. 1987 to 31st Mar. 1987 - 6^ie% 

31 st Mar. 1987 to 30th Apr. 1987 - 6V*% 

30th Apr. 1987 to 29th May 1987 - 71Mb 
29th May 1987 to 30th June 1987- 7 7 /ie% 

30th June 1987to31stJufy 1987- 7 Y*% 

Agent Bank: 

Morgan Guaranty Trust Company of New York 

London 


Ente Naaaonaie per PEnergia Elettrica 
U.S.$300,000,000 
Floating Rate Notes Due 2005 

UncondUoruJfy guaranteed as to payment of principal and Interest by 

The Republic of Italy 

In accordance with toe provisions of the Notes, notice is 
hereby given that the Elate of Interest has been fixed at 
7-403123% for the Interest Determination Period 30th 
June, 1987 to 31st July, 1987. Interest accrued for 
tins Determination Period and payable 30th November, 1987 
will amount to U-S.S63-75 per U-S.S10.000 Note 
and U.S41^93-73 per US.5250,000 Note. 

Agent Bank: 

Morgan Guaranty Trust Company of New York 
London 




U.S. $200,000,000 

Bankers Trust Overseas F inanc e N.V. 

Inc o ip om Bd in the NetherWh AnrilU. 

Guaranteed Floating Rate 
Subordinated Notes Due 1994 
For the three months 
30 June, 1987 to 30 September, 1987 
the Notes will carry an interest rate of 7% per cent 
per annum and interest payable on the relevant 
interest payment date 30 September, 1987 against 
Coupon No. 20 will be U.S.$18-85 per U.S. $1,000 
Note and U.S.S1 88.47 per U.S. $10,000 Note. ' 

By Morgan Guaranty Trust Company of New York, London 
Agent Bank 


Copenhagen Handelsbank A/S 

(Zhcoiponitsd in the Kingdom of Denmark with Enoted HabiBty) 

U.S. $100,000,000 

Subordinated Floating Rate Notes Due 2000 

In accordance with the pro visions of the Notes notice is 
hereby given that for the six months interest period from 
30th June, 1987 to 30th December, 1987 the Notes will cany 
an Interest Rate at 7Hs% per annum. The interest payable on 
the relevant interest payment date, 30th December, 1987 
mil amcm i nt to U.S. $378*07 per U.S. 510,000 Note and 
U.S. $9,451-82 per U.S. $250,000 Note. 

Morgan Guaranty Trust Company of New York, London 
Agent Bank 


than underwriting and the 
disposal fitted in with that. 
He added, Groupe Sprinks was 
also mainly active in French 
industrial fire insurance, a class 
of business which had produced 
flat results recently. 


half. acquire d Staffs Refrigeration & 

Trading continued to be Air Conditioning. Uno Shopfit- 
encouraging and the board ting and Caem UK for a con- 
remained confident that the sideration of about £900.000 to 
company would continue its be satisfied by the issue of 
expansion. They viewed the 297,642 ordinary shares plus a 
future with considerable later cash adjustment not ex- 
confidence. ceeding £100,000. 


Enlarged Lynton shows 
10% asset improvement 

Lynton Property and Rever- Maurice Lambert, the chairman, 
sionary yesterday declared pre- noted. 

tax profits for the year to last Lynton Property and Rever- 
March of £5 .2m compared with sionary intends to step up its 


a restated £4.0m for the trading activities at least in part 
previous year. to counteract any revenue losses 

The figures are the first since from the refurbishment or re- 
Lynton Holdings and Property development of properties in 


lt<Ml shows Theme surges to 

rorovement £0 - 27m midway 

ipiUY CUIClIi Boosted by the Leisure 

__ . . , Development acquisition and a 

Maurice Lambert, the chairman, stupiuTfrom the sale of the 
n0 £ ed *. ___ . . _ leasehold premises of Pepper- 

Lynton Property and Rever- mint Parki taxable profits of 
sionary intends to step up its Theme Holdings, the leisure 
trading activities at least in part concern which operates Fatso’s 
to counteract any revenue losses Pasta joints and Langan’s Bars 
from the refurbishment or re- & Grills, surged from £51,000 


and Reversionary Investments the portfolio. 


merged in January. As such 
they provoked little surprise on 


Mr Lambert warned share- 
holders that gearing would in- 


the market and the shares oi crease from its present low 
the merged group finned 2p to level “ to provide the funds 
_ ..... , . „ 0 _ necessary for future growth." 

The final dividend at 3^p shareholders’ funds total 
raised total payment for the £i5o.5m, while liabilities to 
year to 5.5p comparedwith creditors , falling due after 
joint dividends for 198586 of more than one year, total 
4.5p. A 22 per cent increase in ^ 6m * 

dividend payments had been * 

forecast at the time of the . 

merger announcement. H. YOUNG HOLDINGS has 

E arni n g s per share on the entered into a _ conditional 
weighted average of shares in agreement to acquire Toolrange 
issue during the year were 7.9p of Reading for £L85m, to he 


is m to £266,000 for (be ox months 
' ended April 30 1987. 
hare- 

d in- 1“ their first interim results 
] ow since joining the Third Market 
funds last January, the directors also 
arth.” reveal an 86 per cent rise in 
total turnover to £3-08m (£1.65m). 
s to After tax of £93,000 (£19.000) 
after earnings per 2p shares jumped . 
total from 0.3p to lip. 


compared with 7p for the pre- satisfied 


H. YOUNG HOLDINGS has 
entered into a conditional 
agreement to acquire Toolrange 
of Reading for £L85m, to be 


Helpingthe City 
plan its future 


vious year. 


1,258,504 new ordinary shares. 


Net assets per share at Slip Arrangements have been made 
were 10 per cent higher than to place the new shares. 


they would have been a year together with a further 132,937 
before. The total gross assets new ordinaries being issued for 



of the combined group are cash 


•raise approximately 


nearly £200m and the property £195.000 -fox Young, with «nsti- 
po rtf olio is strongly weighted tutiooal and other investors at 
towards central London and the I47p per share. Under terms of 
south east, with nearly a third an open offer ordinary share- 
of it in the retail sector. holders can apply for the new 

Over the next two years the shares on the basis of two new 


group plans to spend £25m on 
the existing portfolio to enhance 


ordinary fox every nine held at 
147 p pear share. Toolrange made 


the possibility of higher revenue pre-tax profits of £328,000 in 
in addition to that which would the year to October 1986, in- 
come from rent reviews. Many eluding noo-recurring income of 
of the group properties are let £135,000. Net assets were 
at historically low rents, Mr £502,000. 


ISSUE NEWS 

Martin Shelton set 
for USM placing 

BY PHILIP COGGAN 

Martin Shelton, a diary and success of its direct sales 
calendar manufacturer and bet- strategy or for It to make a 
ting office stationery supplier, profits forecast Pre-tax profits 
is joining the Unlisted Securi- last year were £329,000 
ties Market via a placing which (£289,000) on turnover of 
values the company at £3.1 5m. £1.86m (£L8m). 



City Changes 


UtBWfcMlMliUjgt 


WPP lifts 
rights 
funding 
to £213m 

By Nikki Ta« 

wpp the small UK 
marketing services company 
which hwt week won the 
backing of SWT Group, the 

NewYork-based advertising 
atency and PR combine, for 
— ambitious 85W® hid. Is to 


a larger rights i«»e 
than through increased bor- 

r °WPP announced yesterday 
that ft would raise the rights 
funding from £177m to £213m, 
and change the terms from 
a five-for-three issue to a 
fwo-for-one. The rights issue 
price is unchanged at 875p. 

The balance of the cash 
offer will then be met from 
loan facilities of up to S260m. 
provided by Citibank and 
Samuel Montagu— the same 
figure originally proposed. 
The bankers will also pro- 
vide a working capital facility 
of up to 550m for SWT. 

The Increased rights issue 
Is conditional on the bid 
succeeding. WPP will now 
tender for JWT shares at 
555.50. compared with the 
$415 proposed three weeks ago, 
with its offer due to close on 
July 13. Although a new 
player could theoretically 
arrive, the bulk of JTVT’s 
shares have switched to arbi- 
trageurs and JWT itself has 
weeded out potential rivals, 
n ulri n y this tittle more than 
a formality. 

Nevertheless, the increased 
rights issue has been sub- 
underwritten on the same 
success-related terms as the 
initial conditional cash can. 
These offer institutions i per 
cent if issue fails and 2£ per 
cent (for the first 30 days) if 
it succeeds. 

BET extends 
share issue 

BET, the diversified services 
group, is to issue up to 25.3m 
shares— 2.9 per cent of its 
authorised share capital— to 
support American depositary 
receipt listings in the US and 
Canada. At yesterday's price 
of 291p— down 9p— the issue 
would be worth £7 5m. 

nans for a US listing were 
announced in February and 
the company has prior share- 
holders’ consent to Issue np 
to 44m shares (or 5 per cent 
of authorise d cap ital). Since 
then, says BET, Canadian 
investors have shown a 
“substantial interest.” 

Accordingly, there will be 
a US offer of 16m shares, 
managed by Merrill Lynch 
and Goldman Sachs; a further 
B.4m-8hare issue in Canada, 
handled by Merrill Lynch 
with Wood Gundy and 
Levesqne Beaublen; and 
another 3.4m shares to cover 
overallotment. 


Wells Fargo 
International 
Financing 
Corporation N.V. 

U.S. $50,000,000 
Guaranteed Floating 
Rate Subordinated Notes 
due 1996 

In accordance with the 
provisions of the Notes, notice 
is hereby given that for the 
Interest Sub-period 
30lh June, 1987 to 
31st July, 1987 

fte Notes wffl carry an Interest 
Rate of TVa% per annum. 
The Interest accrued for the 
above period wfli amount to 
US$6243 and total interest 
payable per Note on 

31st July, 1987 wffl be 
USS185-89. 

Agent Bank 
Morgan Guaranty Trust 
Company of New York 

London 


TOa adfodsement h issued m compEance with the legufatkais of the 
Council ofThe Stock Exchange. 

Application has been made to the Cbuntfl of The Starir T?vri.—^ ^_ 
toegraatef pennfsfcm to dedin toe whole of (he issued darecaSrf 
Martin SKtom Group FLC m the UriBsted Securities MariaTir 


is joining the Unlisted Securi- last year were £329.000 
ties Market via a placing which (£289,000) on turnover of 
values the company at £3.1 5m. £l.S6xn (£L8m). 

SheLon U trtu to boUd up ^ 

direct sales of its durtes and ] d eq[lity . at g3 p to 

promotional gifts, after group rai | e juj J £ er £ia, “ with 1m 



sales grew only 3.5 per cent in 
the year to March 31, 1987. 
Direct sales offer higher mar- 


shares being new and the rest 
being sold by Mrs Betty 
Martin, mother of Mr Paul 


MARTIN SHELTON GROUP PLC 

(factipi«»edtaEnl«3Mtotl»QMyaiMtoil948nlWl— 




SHARE CAPITAL 


USM quote will raise the 
group’s profile with potential 
customers. 


Roger Martin, the sales direc- 
tor. 

The historic p/e at the 


The company’s business is placing price is 14.4 and the 
highly seasonal and it is impos- directors expect to pay a net 


Anfborised 
£6 00J00O 


Issued and to be 


sible for it, at this stage of the dividend of l.75p, giving a 
financial year, to assess the gross yield of 3,8 per cent 

Far East £2m placing 

Far East Resources, a com- that there are 1m proven stock 
pany which owns the right to tank barrels, 0.8m probable 
explore for oil and gas in part barrels and 67.3m possible 
of the Philippines, is joining barrels attributable to the 


fa Ordtoary Shares of lOp eadi 

Macing by 

SCHAWERIEN& CO. 


*500.000 


at 63p per share 


possible 
to the 


the Third Market in one of its group. Drilling is expected to 


largest placings so far. 

The company is raising just 


begin in early 1988. 

Far East intends to acquire 


over £2m, via the issue of 3m a widespread portfolio of 
shares. 30 per cent of the exploration and production 


The Group's prineqjal activfaes are toe manufectaa anri 

Particulars of fiie conq»iiy are ava2abte torourti fl*. _ . 


equity, at 80p each, valuing the acreage 


already 


group at £8m. 


identified potential investments 


The proceeds will be used to in France and North America, 
explore and drill on North Cebu Brokers to the issue are T, C. 
island where engineers estimate Coombs. 


Sdunetlen&Co., 
ISViSekfaafe Street, 
LondonEClROHI't, 

30th fane 1987 







33 


Financial Times Tuesday June 30 1987 

UK COMPANY NEWS 


Clay Harris on Brent Walker’s purchase of Lonrho casinos 

Right time to cash in the chips 


LONRHO IS cashing in its (Alps 
after 10 years at the gaming 
table. 

The approach from Brent 
Walker, which led to the £12Sm 
sale of eight UK casinos, could 
not have come at a better time 
for the international trading 
group. 

The £83m profit on the book 
value of the assets would more 
than offset any extraordinary 
loss arising if Lonrho sold its 
stake in Today, although talks 
with Mr Robert Maxwell 
apparently ended yesterday. 

It should also make the 
Lonrho balance sheet less vul- 
nerable to critics such as the 
al-Fayed brothers, owners of 
the House of Fraser stores 
group which includes Harrods. 

The al-Fayeds and Mr Tiny 
Rowlands, Lonrho chief execu- 
tive, have been locked in a 
fierce verbal and legal battle 
for more than two years. 

With the casinos contributing 
pre-tax profits of less than £5m 
last year, the proceeds of the 
sale will also feed through 
immediately to Lonrho’s profits, 
providing an estimated interest 
income of £12m. 

"It was a little bit of oppor- 
tunism that got them in and 
it's a little bit of opportunism 
that got them out,” one City 



Tiny Rowland (left), chief executive of Lonrho, and George 
Walker, his opposite number at Brent Walker 


analyst said yesterday. 

Lonrho got its first casino 
almost by chance in 1977 when 
it bought the three Metropole 
hotels from A VP Industries. 

The hotel in Brighton included 
a small casino. It was this 
casino, ironically, which first 
attracted the attention of Mr 
George Walker, chairman and 
chief executive of Brent 


Walker, who wanted to move 
it into the company's Brighton 
Marina development. 

Of its subsequent purchases, 
Lonrho improved the position 
of several London casinos, 
moving Crockford’s from Carl- 
ton House Terrace, St James's, 
to Curzon Street. Mayfair, and 
the Golden Horseshoe from 
Soho to Bayswater. 


Most significantly, however, 
Lonrho brought gaming back 
to the Park Lane premises 
formerly occupied by the ill- 
starred Playboy Club by moving 
the International Sporting Club 
from Berkeley Square. 

The sale announced yester- 
day indudes the freehold of 
45, Park Lane and four other 
casinos, as well as three long 
leasehold properties. Crock- 
ford's lease is the shortest at 
14 years with right of renewal 
after a rent review. 

The Park Lane building also 
includes 11 luxury flats which 
alone have been valued at £20m, 
according to Mr Walker. His 
company will get them with 
vacant possession. 

After the acquisition, Brent 
Walker initially will rely on 
casinos for 40 to SO per cent of 
its profits. Mr Walker expects 
this to fall to 20 per cent by 
1990, as the company’s ambi- 
tious property developments in- 
crease their contributions. 

Mr Walker and his family will 
not take up their full entitle- 
ment of the convertible prefer- 
ence shares to be issued to fund 
the acquisition. Their stake 
will fall from 20 per cent to 15 
per cent 


Lord King in confident mood 
at BA’s first annual meeting 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

British Airways has begun 
its new financial year well, with 
traffic since April 1 up on the 
comparable period of last year. 

Lord King, chairman, told the 
airline’s first annual meeting 
since privatisation yesterday. 

Although the airline bad 
optimistically taken the Royal 
Albert Hall in London as the 
venue for the meeting, in the 
event it was barely half full — 
but that still meant well over 
2,000 shareholders, including 
both staff and general public 
shareholders, attending. 

They were treated to a per- 
formance by the airline’s own 
band, and a self-adulatory video 
about the airline, before Lord 
King and bis board arrived on 
the platform to loud applause. 

Lord King was in good 
humour malting it dear from 
the start that if there was going 
to be any trouble .he held 62.8m 
proxies in favour of all the 
resolutions, and would use 
them . If he had to. 

But few were inclined to be 
difficult The meeting was over 
in less than an hour.and was 
enjoyed by most of those attend- 
ing, the less satisfied probably 
being only a few questioners 
who were courteously answered, 
but firmly put down by the 
chairman when their questions 
veered away from the subject 
of the meeting — approving the 
report and accounts. 

Questions as to why BA con- 
tinued to fly to apartheid- 
dominated South Africa and 
why there were no female mem- 
bers of the board were swiftly 
despatched. 



Lord King; chairman of Britiseh Airways 


To loud applause. Lord King 
declared that BA's business “ is 
to fly people, and not to take 
political positions. There are 
many places we fly to, or would 
like to fly to, where one could 
say the same thing. We are 
operating within the laws of 
both the UK and South Africa 
in flying between those two 
countries, and will continue to 
do so.” 

There was equally as much 
approval of his further state- 
ment about women board mem- 
bers, when he replied that 
appointments were made soley 
on the usefulness of such 
individuals to BA. and that 
applied to both sexes— clearly 
indicating that although there 
were no ladies on the platform 
at that moment the door was 


open In future for women of 
the calibre required. 

One questioner wanted to 
know whether media stories 
were true in suggesting that 
Miss Joan Collins, whose differ- 
ences of view with BA about 
over-booking have already been 
well publicised. actually 
travelled free. He was assured 
that the lady was a valued 
customer of BA, and would con- 
tinue to be so: she travelled 
often and bought all her tickets. 

Lord King was loudly ap- 
plauded when be concluded 
"the company is going along 
well, traffic is good, and busi- 
ness is good. This trend will 
be reflected in the first-quarter's 
statement to shareholders 
which will be published in early 
August” 


Sims 

Catering 

suspended 

By Cby Harris 

Sims Catering Botchers 
shares were suspended yester- 
day as the USM -quoted meat 
processor unveiled talks which 
could lead to the acquisition of 
several companies controlled by 
its new majority shareholder. 

Mr Ron Randall appears to 
be trying to repeat his success 
wutb Meadow Farm Produce, 
the meat processor valued at 
£5.9m when it came to market 
in March 1984. 

Since leaving HiUsdown in 
March, Mr Randall and asso- 
ciates have taken control of 
several private companies an 
the meat business. Earlier tins 
month, be bought 57 per cent 
of Sims for 165p. 

Since then, the Randall 
touch has lifted Sims shares to 
yesterday's suspension price of 
322p, where the company has 
a market value of £12m. 

Mr Randall and Sims were 
keeping a lid yesterday on 
details of negotiations, declin- 
ing even to name the companies 
involved. In aggregate, however, 
the companies are believed to 
have turnover of about £i2m, 
Sims has been sensitive 
about acquisitions since March 
when it announced plans to 
take over Ken Read and Son, 
a Lincolnshire meat processor 
and cold store operator, only 
to be gazumped by Global 
Meats two weeks later. 

Mr Terry Finn, Sims man- 
aging director and moving 
force behind Its coming to 
market in 1985, subsequently 
sold his majority stake to Mr 
Randall, although he has kept 
his executive position. 


is annoLincemerii nei^ner an offer co $e!!. nc 
v - The offer srriuide o 




PRIVATE PLACEMENT 



INEURESA (SPAIN) 

225,000 Rights Issue 

At 8,300 Pts. per right to purchase 

4,500,000 Shares 

of Common Stock 

Each right has an option to purchase 20 shares of Common Stock at WOO Pts. 

Suscripdon period from June 20 th to July 30 th I98Z 



1986 

IslQW 

CAPITAL 

225 

225 

NET PROFIT 

820 

465 


HMBURESA is a dosed -end 
Investment company with a global 
investment aproadi conducted by 
AGEFASA, one of the leading 
Investment Managers and block 
traders in Spanish Stock Markets. 

13% Effective tax rate on 
1NBURESA profits under the 
current law. 

Global investment expertise. 

NF intermediary FINANCIER'S. A. 

BANCO CENTRALS. A. O CHASE MANHATTAN SECURITIES 


Aud ted by Arthur Andersen. 

Afl figures h mSfans of Pesetas: 

A simple approach to invest in 
the Spanish stock markets 
through a well-known Investment 
manager. 



AGEBASA b the Investment Manager of BNBURESA. 
Address. Pfaza Cortes.4-28014 MADRD 
(34-1) 429 00 96- FAX. 4297641 


VF is a Securities Broker In Spanish Stock 
Markets and Underwriter of BMBURESA. 
Address. FeCpe, !V, 7-L° Izda. 28014 MADRID 
TK42963 18-Telex. GPSV 47378 E 


U.S. $500,000,000 

CITICORP & 

(Iaaxperartd m Dcbwm) 

Subordinated Floating Rate Notes Due January 30, 1998 
Notice is hereby given that the Rate of Interest has been fixed at 
742625% and that the interest paycbla on the relevant Interest Pa 
Date July 31, 1 987 against Coupon No. 18 in respect of US$1 1 
nominal of the Notes will be US$6234. 


June 30, 1987, London 

By: Citibank, t+A. (CSS1 Dept), Agent Bank 


CITIBANtO 


K RES 


An open ended fund (listed in London) speaaEsing in shares 
of precious metals, oils and other minerals. 

Consultant: Dr. F. D. Co Bender. 

Investment Advisers: Strauss, Turnbull & Co. Limited 

Period ending 27th May 1987 
Assets per share growth 
3 Months +21% (Gold +11%) 

12 Months +51% (Gold +31%) 

For copies of the Interim Report write to: 

Minerals Oils and Resources Shares Fund Inc., 

Royal Trust House, Cotomberie, SL Hefiei; Jersey, C.t. 

For price and yfefcf- sot HrwnciW 7imas “Offis/jore 4 Overaeas? 


T imes change and we 
change with them. 
But one of the secrets of 
a successful ba nk ing 
connection has remained 
constant over the cen- 
turies: devoting time to 
the customer. 

Granted, dialogs with 
computers are part of our 
everyday operations. But 
they will never replace the 
face-to-face meeting. 
That’s why, in full aware- 
ness of the need for 
responsiveness and speed 
of action, we will always 
have the time to sit at a 
table and talk. 

It is a tradition we always 
intend to respect, as if it 
had existed for even 

P. M. Incidentally, our hank 
was founded in 1924 . . . 


f- ?.f • i.'U ; ' •’■. ' '? .■ >/.. • .v 

V.vy ■ ' * "* f •• \ ! ? ■. ■-'! 1 / 1 ' . 



; ■ r * ? | Sometimes you’d think this 




Swiss private bank has existed for ever. 



BANKV0NT0BEL 

Zurich 

The professionals with 
the personal touch* 

Bank J. Vontobel & Co. Ltd., 
Bahnhofstrasse 3, CH-8022 Zurich, 
Switzerland, Tel. 01 488 71 1L 
Vontobel USA Inc., 

450 Park Avenue, New York, N.Y. 
10022, USA, Tel. (212) 415-7000. 








1 


34 


Financial Times 


Tuesday June 30 1987 


COMMODITIES AND AGRICULTURE 


Opec accord brings general relief 


BY MAX WHJCINSOM RESOURCE! EDITOR 


THE SUCCESS of the Organi- 
sation of Petroleum Exporting 
Countries in agreeing new and 
tighter production limits this 
weekend was received with 
almost audible relief by oil com- 
panies and even governments. 

Traders and analysts were 
less restrained In their approval 
after the three-day meeting in 
Vienna. The price of Brent 
crude fbr July delivery rose 30 
cents at one stage yesterday, 
before falling back. 

Xh London, Mr flfehdi Varzi, 
oil analyst for Klein worth 
Grieveson, summed up the 
general mood of optimism when 
he said: “Opec has gained its 
second wind.” 

Only a few years ago it would 
have seemed incredible that 
the Western oil interests could 
become such enthusiastic sup- 
porters of the cartel’s efforts to 
fix prices above their free 
market levels. 

Still less would anyone have 
believed that consuming coun- 
tries would find themselves 
cheering on a belligerent Iran 
in its ritual struggle with the 
moderate producers led by 
Saudi Arabia. 

Saudi Arabia and its allies on 
the Gulf Co-operation Council 
had wanted the self-imposed 
ceiling on Opec output to rise 
from 15.8m barrels a day to 
18.3m by the last quarter of the 
year. 

But Iran, which with Libya 
and Algeria has consistently 
pressed for tighter restrictions 
and a higher fixed price, suc- 
ceeded in persuading the con- 
servative producers to adopt a 
figure of 16.6m b/d for the rest 
of the year. 

Oil companies would almost 
all welcome a higher crude 
price to boost the earnings of 
their upstream operations. The 
lesson from the last 18 months 
is that the boost to profits in 
refining and marketing from 
falling crude prices was 


short-lived because of competi- 
tive pressures, and the effect of 
over-capacity in the refining in- 
dustry- 

It is less obvious why govern- 
ments of the major industrial 
countries should give Opec’s 
recent efforts their silent bless- 
ing. The main reason is that 
they fear low prices could create 
a longer term strategic danger 


per cent This was a decisive 
reversal of the trend between 
1979 and 1985, when oil con- 
sumption in the Industrial coun- 
tries fell by almost a fifth, or 
7.7m b/d. 

This fall in demand, induced 
fay Opec's artificially high 
prices, created the strains 
which led to last year's price 
collapse. This year, with the 


NORWAY WILL maintain Its 
support for Opec’s policy of 
production restraint by 
extending its 7.5 per cent cut 
In planned North Sea output 
from July 15 to the end of 
the year, reports Reuter from 
Oslo. 

“ We took a very positive , 
view of the Opec meeting in fa 
Vienna,” said Hr Egil Helle, 
the Oil Ministry spokesman. 
“The accord reached there 
tu mm stability In the oil 
market ac# Tre shall continue 
i ffaHng our contribution.” 



for the West, which could out- 
weigh the economic benefits of 
cheaper oil now. 

A consensus emerged at last 
month’s magisterial meeting of 
the Intern artionai Energy 
Agency in Paris that low oil 
prices could drive up demand 
and depress supply outside the 
Gulf region to an extent which 
could once again put Opec mili- 
tants back in control, even if a 
re-run of the 1979 oil crisis 
seemed unlikely. 

The relationship between 
price and demand for oil is also 
crucial for Opec’s own calcula- 
tions. In 1986, when the 
average price of crude imported 
by industrial countries was 
$14.9 per barrel, oil consump- 
tion rose by an underlying 2.7 


cost of imported crudes rising 
slowly from about $16 per 
barrel in January to $18 now. 
Western demand has been 
sluggish, and is generally 
expected to rise by less than 1 
per cent (about 470,000 b/d) 
for the year as a whole. 

Although the picture is still 
obscured by changes in stock 
patterns, it seems that at a 
price of about $20 per barrel, 
world demand for oil will be 
fairly stable, while some incen- 
tive would remain to explore 
and develop oil fields In expen- 
sive areas like the North Sea 
and Alaska. 

Opec’s strategy, therefore, 
has to be balanced between the 
desire to maximise revenues 
and the fear of stifling growth 


in demand. Saudi Arabia and 
Kuwait, with large reserves 
relative to their populations, 
have emphasised. demand 
growth; in Iran, where produc- 
tion is held back by war 
damage, the emphasis is on 
price and revenue. 

The fact that they managed 
to agree relatively easily this 
weekend suggests that the price 
is now somewhere near its 
political equilibrium. The com- 
bination of Saudi Arabia's 
economic weight and Iran's 
political force is generally 
expected to keep the cartel 
together at least until the end 
of the year. 

Moreover, Mr Hisham Naser, 
the Saudi oil minister has so 
far proved an effective per- 
suader, flying between Opec 
capitals earlier this year to 
keep M cheating " within bounds. 
.The combined strategy now is 
to keep Opec supplies tight 
enough to push world spot 
prices above their official sell- 
ing prices of around $18. The 
tight target will also leave a 
little room for “unavoidable” 
cheating. Oil companies are 
already thinking about longer 
term contracts to assure their 
supplies, especially as Opec 
prices begin to look attractive. 

If this strategy lasts, as ex- 
pected, through the autumn 
Iran will doubtless press for a 
higher official price of $20. If 
the world is then accustomed 
to spot prices at that level, 
there may not be much resis- 
tance. especially as Saudi 
Arabia has its own budgetary 
difficulties, as a result of the 
very low levels of its output 
earlier this year. 

But this, like the problem of 
Iraq’s increasing capacity to ex- 
port by pipeline, is a problem 
tor another day, and one which 
most observers agreed could 
well be postponed until the next 
scheduled meeting in December. 


Indian pepper 
sales on 
the slide 

By P.C. Matanti In Calcutta 
INDIA’S PEPPER exports con- 
tinued to slide in the first five 
months of the current crop year, 
which began last November. 
During that period the overseas 
sales total was 11,390 tonnes, 
down nearly 60 per cent from 
the corresponding period a year 
earlier. 

Exporters remain very pessi- 
mistic and expect this crop 
year's export total to be halved 
from the 60,000 tonnes record 
achieved an 1985-86. That would 
also mean a shortfall against the 
recent annual average of nearly 
40,000 tonnes. 

Because of a prolonged 
drought la the main producing 
State of Kerala output during 
the current year is set to fail 
from last season’s 70,000 tonnes 
to between 40,000 and 45,000, 
pepper traders estimate. They 
believe, nevertheless, that better 
incentives could encourage a 
brisker export trade. 

Only the US. West Germany 
and some East European coun- 
tries have been active buyers 
in the Indian market this year. 
Exporters blame absence from 
the market of the Soviet Union, 
usually a big customer, on 
expectations that the emerging 
exportable surplus will drive 
prices lower. 

They want their Government 
to persuade the Soviets to start 
buying under the recently con- 
cluded bilateral trade agree- 
ment. 


Judge says Tin Council 
papers can be produced 


BY RAYMOND HUGHES, LAW 
A CLAIM by the International 
Tin Council that its internal 
documents were inviolable and 
conld not be produced in court 
proceedings has been rejected 
by a High Court judge. 

Mr Justice Webster ruled 
yesterday that documents re- 
lating to the ITC’s trading 
activities were not protected by 
the inviolability conferred on 
the Council’s archives under the 
English law. 

The ruling, which will be 
challenged by. the ITC in. the 
Court of Appeal tomorrow, was 
the first success for creditors of 
ithe insolvent ITC in the litiga- 
tion that has arisen from the 
ITC’s collapse in October, 1985. 

The question of the inviol- 
ability of ITC documents has 
havered over all the tin cases 
that have come before the 
count bat only became a live 
issue when the hearing began 
of the challenge by Shearson 
Lehman Brothers, a trading 
company owned by American 
Express, and its subsidiary 
Shearson Lehman Metals, to t be 
validity of a London Me tad Ex- 


LONDON METAL EXCHANGE 
WAREHOUSE STOCKS 
(Change during week ended last 
Friday) 

(tonnes) 

Aluminium 


high grade 

-25 to 1,475 

standard 

-4375 to 89,975 

Copper 

”*2(475 to 106^25 

Lead 

+850 to 21300 

Nickel 

+138 to 8,964 

Tin 

-180 to 26325 

Zinc 

+800 to 28375 
(ounces) 

Silver 

+32300 to 22380,080 


COURTS CORRESPONDENT 
change rule imposing a fixed 
settlement price on outstanding 
tin eontraata following the FTC’s 

In the same action Shearson 
is also claiming about £4Sm 
from Maclaine Watson and 
£18L5m from J. H. Rayner 
(Mincing Lane) — both of 
which are ITC creditors — for 
non-acceptance of tin that 
Shearson had contracted to sell 
them. 

Shearson and other parties 
have obtained copies of ITC 
documents which they want to 
use as evidence. 

The ITC, which is not a party 
to the action, intervened to 
argue that its documents, or 
copies of them, or information 
derived from them, could not be 
used. It contended that its 
archives had been made inviol- 
able by the 1972 International 
Tin Council (Immunities and 
Privileges) Order. 

Mr Justice Webster observed 
(that one of the FTC’s prime 
functions was to buy and sell 
tin and, although it was Immune 
from legal proceedings it was 
not immune from arbitration on 
its contractual obligations. 

He said that documents 
properly contained in, or In 
the course of transmission to, 
the ITCs archives were in- 
violable. 

Confidential documents relat- 
ing exclusively or primarily to 
the relationship between the 
FTC and its members, or be- 
tween the members in their 
capacity as such, “and which 
do not relate directly to its 
trading activities,” also were 
protected from disclosure. 


Poland to 
raise farm 
prices 


By Christopher Bobinski 

in Wanaw 
PRICES OF farm produce as 
well as fertilisers, pesticides 
and tractors are to go np in 
Poland tomorrow, the Govern- 
ment has anounced. 

Fertilisers are to cost 50 per 
cent more, pesticides are to 
rise by 40 per cent, and trac- 
tors are to go up by a quarter. 

The average prices paid to 
farmers fro their produce is to 
go up by 20.3 per cent. 

According to the Government 
the increase in the price of 
farm produce will cover the 
growth in production costs but 
not the general increase in the 
cost of living. 

Thus farmers’ incomes will 
continue to trail behind urban 
wages, to the dismay of the 
agricultural lobby. 

Prices of grain are to rise 
by 18 per cent on average, and 
beef is to go up by 28.3 per 
cent. 


BHP in Mali 
gold search 

BHP, the Australian steel, 
mining and energy group, has 
signed an agreement with the 
Government of Mali rto explore 
for gold in 1.500 square kilo- 
metros in the south of the 
Saharan country, writes Stefan 
WagstyL Some $l-5m ds to be 
spent on exploration under the 
terms of the contract, which 
follows preiinwaairy prospecting 
funded by the United Nations 
Development Programme. 


Weather key to riches or ruin 


LAST WEEK I had a good look 
at cereal crops on the Hamp- 
shire chalWands, and I do not 
think I have ever seen them 
looking much better at this 
time. I understand that the 
same can be said of crops in 
other parts of the country as 
well. In addition there has, as 
yet, been little disease and, 
except in a a few very isolated 
areas, there has been sufficient 
moisture to generate quite 
remarkable yields. 

Most fanners Z have met 
lately have expressed them- 
selves worried that these crops 
will be so heavy that the whole 
equilibrium of the grain market 
will be upset. That is a pos- 
sibility of course, but it is worth 
remembering that so far the 
plants have done no more than 
to grow welL 

The autumn-sown barley has 
headed very well indeed and the 
embryo grains are beginning to 
swell. As yet, however, there 
is no weight in these heads. If 
they were picked off and dried 
they might result in viable 
seeds, but they would have no 
flour around them to give the 
grains weight They need to 
mature on the stem and that 
requires heat and sunshine, and 
-there has been little enough of 
either this summer. 

Winter wheat has had plently 
of moisture and many of the 
gaps which were showing 
earlier on seem to have filled 
in. Some of the crops I have 
seen lately have an enormous 
number of heads showing and 
if the grains fill up there could 
he a record harvest 

I am far from being san- 
guine about this, however. I 


FARMER’S 
VIEWPOI 

By John Cherrington 


remember that in 1984 follow- 
ing a warm spell with plenty 
of sunshine I had my best ever 
harvest In 1985 there was a 
far less favourable summer 
my wheat was more than half 
a tonne an acre down in yield, 
as was most of the rest of my 
grain. 

I am not counting my 
chickens yet and I will be sur- 
prised if my own crops reach 
record levels. They looked very 
mediocre early on and I do not 
think they could have mended 
so welL But you never know, 
if farmer could not fantasise a 
bit there would be little 
pleasure in the job at alL 

Spring barley, from which 
most malt is made, h«n hi«ia 
gpod progress, as indeed it 
always does in a cool moist 
time. The crops are thick and 
there could be a danger of a 
late attack of mildew during 
the next few weeks— although 
one variety I grow is supposed 
to be mildew resistant I have 
some hopes of my spring sown 
barley — there could be a 
malting premium as there was 
tost year. Indeed I cashed in on 
it then but am not so foolish as 
to believe tbat good fortune 
will repeat itself. 

}vqM SMoqs Agrajq pftpOM 



Last year I pioneered a crop 
of spring beans. They were 
hard to plant because of the 
weather, never looked much 
and did not come to harvest 
until the end of October. They 
filled the combines with broken 
debris from which we extracted 
a reasonable yield and after 
drying the crop turned out 
quite profitable. This spring the 
beans were planted in a beauti- 
ful seed bed, have grown well 
and flowered quite strongly. On 
one of the last fine days I 
walked through the crop and 
heard the bees working hard, 
so they should set a good yield. 
Last year we never saw a 
pollinating bee. 

I grow no peas but the crops 
I have seen around are magni- 
ficent The trouble I found when 
I tried pea growing was that 
either you grew a good thick 
crop which became a sodden 
mess towards harvest or else 
you were worried by a skimpy 
show all the summer, despaired 
of getting anything and were 
pleasantly surprised. 

Like the cereasl the peas and 
beans are highly subsidised and 
reports of these good crops 
must worry Mr Frans Andries- 
sen, the EC Agricultural Com- 
missioner, Poor Mr Andriessen 


cannot be feeling too happy 
either about the record oilseed 
rape crop which seems on the 
cards. The sugar beet I saw in 
the West Midlands the other 
day was doing very well too. 

From the farmer's point of 
view, of course, the prospect is 
pleasing, with full crops and 
plenty of grass. 

. There are, however, worrying 
signs that circumstances could 
aster, a number of the best 
fields of winter barley are show- 
ing signs of going down. As 
the heads become heavier these 
hud patches spread across the 
fields and a heavy thunderstorm 
can torn a promising crop into 
a soggy tangled mess in a very 
shout time. Barley which goes 
down as early as this will never 
get up again, but will sometimes 
throw up fresh shoots from the 
broken stems. These will even 
fonn green grains which never 
ripen and ruin the sample. 

Continuous wet weather will 
make uncut wheat sprout in the 
ear. There was one variety I 
once grew called Huntsman 
which would sprout when the 
grain and the straw were still 
green. The sample then was 
useless for anything but a par- 
ticular biscuit AH this can 
make barvesting a misery. 

One of the worst harvests I 
can remember was In 1946. We 
made little hay. silage was 
poor, and the kst field of oats 
was scraped off the ground on 
December 15. This summer so 
far has been remarkably like 
that one, so the weather over 
the next six weeks could deter- 
mine wheetfher this is to he a 
year of riches or ruin for 
British cereal growers. 


LONDON 

MARKETS 

STERLING'S weakness 
against the dollar helped to 
lift prices on London's 
cocoa and coffee futures mar- 
kets yesterday. Cocoa's rise, 
which took the September 
position np £18 to £1.333.50 a 
tonne, was also influenced by 
the appearance of bullinh 
chart patterns which gave 
further encouragement to 
speculative buyers. Dealers 
said concern over dry weather 
In Brazil and West Africa re- 
mained a supoTting factor. 
The September coffee futures 
price ended she day £19 
higher at JEL276.50 a tonne, 
mainly on currency considera- 
tions. Colombia's announce- 
ment at the weekend that it 
plans to take an active part 

in the futures market for the 

first time was a farther en- 
couragement to baying, al- 
though a Colombian official 
Insisted that there was no 
question of his country 
speculating on the price of 
coffee beans. He said the in- 

tentisn was to f * plav a part 

la guaranteeing stability of 
rates.” Legislation to enable 
the Colombian Coffee Feder- 

aton and private exporters to 

deal In futures was being 
drawn up. the official said. 
But tie did not know when it 
LME Prices snnuHed by 
Amalgamated Metal Trading. 
r /"M take effect. 

ALUMINIUM 



j High /Low 



Cash' J — 1 — 

3 months! 1547-9 ; — 

1 

i 1540*46 


ment — ( — •). Final Kerb 
Ring Turnover: 850 tonnes. 

close: — . 

99.5? | £ P«r ; 1 

purity I tonne ; i 

Cash 908-7 U 9.5 

3 months' 891-8 1+7 

1907 
: 893/891 


Official closing (in): 907-7.5 
(B92-5.3); three months B92-2.5 
(882-2.5): sett lenient 907.5 (893). Final 
Kerb close: 892-2. Ring Turnover 
10,800 tonnes. 


COPPER 


Grade A 

IUnoffie'l+ or i 
. c/osa — : Hlgh.'Low 

. O In.. . 



rilBisee ( 

Cash 

3 months 

1988.5-89' — 4.25 098(988 

I 380-0.6 -1.25.989(976 

Official dosing (am): Cash 998-8.5 
(933.5-4.5): three months 988-9 (978-9): 
aattlament 9S8.5 (994.6). Final Kerb 
dose: 380-805. 

Standard 

Cash 

3 months 

i 991-5 
. 971-5 

1 

i 

+6.5! — 

+9.6 ; — 


Cash 1 389-61 | — 2.75394 
3 months! 373-4 ; — 1.75 580:571 


i 

Unofficial 4> or 
close (p.m.t — 

1 High /Low 

| 


£per tonne 


8775-80- +25 

■2786/2789 

3 months 1 

28aas : +25 

[2830, X8ZD 


High 

grade 


Cash 
3 months 


831-3 ; +1.3 535/832 

514-6 -0.76 515/512 


Official closing (am): Cash 531 -Z 
(532-3): three months 513.5-4 (517-8): 
settlement 532 (533). Final Kerb close: 
514-5. Ring Turnover: 5,150 tonnes. 
US Prime eWstem: 47.50-46.50 cents 
per lb. 


LONDON METAL EXCHANOE 
TRADED OPTIONS 



Strike 

Price 

Calls 

Puts 


8/tonne 

Nov. 

NOT. 

Alum In- | — 

lure , — 

99.7% 1 - 

- 

1 1 1 





July SepL [July 8 apt. 

Alumin- 

ium 

99.KS 

1.400 

1,425 

1,480 

— 52 iff 1 8 is an* 

37 38 71* 32 

211s 26 ig i 18 — 

Copper 
(Grade A) 

1,550 

1,575 

1,800 

— 62is; 0 36i* 

30 40 22 49 

19 SOis! 36 — 

Copper 
(Grade A) 

PWI 

976 

1,000 

43 44 to! 3*2 13*2 

23 29 1 9 82 

10 18 121 3Bi« 


Eatinatea. 


TIN 


Kuala Lumpur Tin Market: Close 
16,45 (10-49) ringgit per kg. Down 
0.04 ringgit per kg. 


GOLD 


GOLD BULLION (fine ounce) Juno 29 


Close. M494491 e (11280-230 I 

j... 84461a 446 i£878i 4 .B7Sl4) 

M-n-g fix- 8446-00 


Opening. 

M'n'g fix _ 

Aft'rVn fix 8449.75 
Days high S450-460I* 
Day's low 3446 4-446 S* 


(£280.463) 


GOLD AND PLATINUM COINS 


Am Eagle. 
Maple leaf 

Kr'g'r'nd.. 
is Krug.— 
U Krug— 

Angel 

1/10 Angel 
New sov.. 
Old Sov.— 
Noble Plat 


8461-466 K3B7V290 V/ 

£460-463 (£287lt-2B9) 

5448-451 (£27934-28111 

8232 12-833 lg (£145U-1453 4 ) 
8116ig-117lg (S72V73L2) 
8456 if -459 tg t£3&4Jf2BB3i) 
54449 (£27*2-3013) 

S104t«-10Si* (£65i 4 -«SS4j 

B 104 ia-108 'a (£6Bi 4 -66i4j 
8669-579 (£565 U -36 li*) 


COTTON 


LIVERPOOL — Spot and shipment sal as 
for the week ended dune 26 amounted 
to 308 unties, compered with 622 
tonnes in the previous week. Moderate 
trading occurred with dealings mainly 
in Sudanese, West African, Russian 
end Australian varieties. 


INDICES 
REUTERS 

JbnoSg^uMaB.M'th Tg 


Fearago 


1614.2? 1614.01 1688,4 I 1462.8 

(Base: - September IB 1831=100) 

DOW JONES 

Dow ( dune j Juno i Wth j Yoir 
Jones 86 { 88 ago f ago 


spot 126.64126.40 — 1127.31 
Fnt .184,941184.071 — ill 3,38 

’(Baser December" 31 - 1974“1QQ) 


MAIN PRICE CHANGES 


June 29 + or Month 
1887 — ago 

METALS 

^ree'Marlurt” '”|siW6/676j + 10 jsiEGO/GSB 

CwhGrade A^.- £038. 75 — 4.2sl£fl30 

S months £880.28 -1.2S$ai0.aG 

19.86 -fBJZE;S4SS.25 

Lead Cash [£390 {— 2.7SC383 

3 months £873.8 f-1.75ffi360.B 

Nlckol , MI _. M 1 

Free Mitt.' WS/ZHJe '+8 

Palladium oz .... 8138.00 1+ 1.00 8141.85 
Platinum oz ...-. 8667.00 +4JS|8674 
QuiekaUvert S2«B/256j+6 

Silver troy oz. ...|434.0&p 

3 months -443.H0p 

Tin 

frae Mkt 

Tungsten ._ 

Wolfram 22JHb.. 

Zina. 


. £4 issued* as rnaoiwa 

. sse.ieH 861.47 

846/56 [. 1848/54 

3 months ES14.8 f-O.HikttM B 

jjroducars —18860 j .—1 8 700 /By 

oils' -- - ~ ~ 

Coconut (PhID 1ISS6£’ T-10 ®4W ’ 

Palm Malayan ! 1 J8347JS 

Seeds I I 

Copra (Phil) j»5bfly “ -.J^iijao ■“ 
Soyabean (U.3.) I pi57.5 . 

GRAINS^ * 7~. .. 

Barley FuL SaptiCM^j+a^aBjon 
Maize '£165.00 l... i .....j£149.0a 

Wheat FuL Nov. £96. 10 1— 0.85^100.9 

No. 2 Hard W l nt t ! |_ *... 

OTHERS 

Cocoa FL BepT|£W3.S ;+i£d £1861.3 
Coffee FL Sept ElX76.B tUttBU 
Cotton A ind,- po.70c .+ £.M 79.ape 

Gas Oil Aug. -8161.25 - v B.TfcjSltfLB 
Rubber (kilo) M fS?:2? p 

Sugar (raw/ -3 1784 l+ft*i8187 

WooltopB 64e i<7Ep kilol 4-3 wrap M to 

3 Unquoted, f Per 76 lb flask, c Cents 
s pound. ■ Cotton outlook, v July, 
z Sept/Oct. x July/Aug, y Aug. 


SILVER 


Silver was fixed 12.7Sp an ounce 
higher lor spot delivery in the London 
bullion market yesterday at 434.05p. 
US cent equivalents of the fixing 
levels were: spot 695.25c, up 14.25c; 
three-month 707.5c, up 14.5=; six- 
month 720.9c. up 15.2c; and 12-month 
746.5c, up 15.3c. 


SILVER Bullion 
per Fixing 

troy oz price 

+ or] t-M.E. 
— p.m. 
jUnoffleM 

£ 

Spot 434.06 p 

3 montha.|443.90p 
B montha..4B4je0p 
12 mont he 473 ,40p 

+12.7) 434p 
+15.1 443p 
+14 JS — 

+1451 — 

+3.6 
1+6 JD 


Official closing (am): Cash S95-9 
(985-90); three months 975-8 (960-3): 
settlement 999 (990). US Producer 
prices 74-78.5 cants per lb. Tout 
Ring Turnover 37.900 tonnes. 

LEAD 


LME — Turnover: 16 ( 10 ) tots of 
10,000 oz . 

COFFEE 

A steadier dollar kept London quietly 
steady yesterday as outright levels 
closed just below recent highs. The 
differentials however were weak. The 
near term moving averages Classed on 
the upside later prompting some light 
buying on the clone, reports Dnutal 
Burnham Lambert. 


‘Yesterday + oh Buahms 
COFFEE ! close — 1 dona 


'Unofficial + or I 

ioloaa (p.m.) — | High/Low 

! £ per tonne 


Official closing (am); Cash 393.75-4 
(393-4); three month* 376-7 (37B-B.5): 
settlement 394 (394). Final Kerb dose: 
375-6. Ring Turnover 9.100 tonnes. 
US Spot: 37-38 cents per lb. 


NICKEL 


- — ■ 1 "i" 1 - — — 

July. .11243-1248 

ScpL 11876*1278 

NOT. 1295-1*87 

Jan (1313-1816 

Mar.. 11320-1840 

May. ! 1340-1860 

July 11350-1370 


+ 13.51 
+ 19.0] 
+ 20.6, 
+ 15.5 
+ 18.6 
+iB.q 
+ 10.0 


1860-1838 

1878-1863 

1300-1887 

1380-1807 

1340-1336 

1350-1340 


Official closing (am- Cash 2786-90 
(2735-40): three month* 7320-5 

(2770-5): settlement 2790 (2740). Finol 
Kerb close: 2830-40. Ring Turnover 
684 tonnes. 


ZINC 


Sales: 3,785 (3,060) lots of 6 tonnes. 

ICO Indicator prices (US cents par 
pound) for June 28. Comp daily 1979 
37.20 (96.97); 16-day average 100.69 
(101.15). 

COCOA 

Futures initially gained £20 end after 
Basing a little an profit taking rallied 
again to close this evening on e fully 
sieedy note. Consumers found the 
levels unattractive but producers 
offered cocoa on a scale up basis, 
without any greet quantity of business 
apparent, reports Gill and Duff us. 


July- — 
SepL.—, 


Unofficial +or i 
okrae (p.m.) — (High/ Low 

£ per tonne « 


March- 

May- 

July 

SepL 


Yesterday'S! 

olose 

+ or 

j Business 

1 done 



Cpor tonne 

1359-1360 

1333-1334 

2368-2350 

1374-1376 

1391-1392 

1308-1409 

1423-1484 

+ 16.0j 1562-1848 
+ IB.O1 1817-1823 
+ 20.0/ 1582-1850 
+ 16.0] 1573-1870 
+ 14.H 1537- I8S0 
+12.6 1413-1408 
+ 18.0] 1428-1481 


Sales: 4.700 (3,386) lots of 10 tonnes. 
ICCO indicator prices (SDRs per 
tonne). Doily price for June 26 1320,71 
(1607.89): 10-day average for June 28 
7564.96 (1555.10). 

FREIGHT FUTURES 

| oioee | Hlgiutow | PrevT~"* 
Dry Cargo June 88 



• 807/800 

819/806 

B21 


i 667/868 

876/863 

876 


1 B64 

875/864 

875/878 


808(000 

916/890 

920 

July 

780/790 


780 

Oct. 

900 

890 

890 


820 

— 

886 

a? 

! 1040 

1040/1083 

1060 

! 881,5 


901 


Turnover: 646 (300). 

GRAINS 

Old crap wheat saw highe In early 
trading before seeing on speculative 
shipper selling and general long 
liquidation to close with sellers. New 
crops again struggled an country hedge 
selling, although farmer selling aSil 
lacked any volume, with short term 
profit taking noted st new contract lew 
laves, reports T, G. Roddick. 


WHEAT 

[Ye*t* rd/iH- or 
Mnth ] close j — 

BARLEY 
Ye*frdyi'+ or 
olose | «■ 

July -. 
Sap. ... 
NOK~. 
Jan. ... 
Mar.-. 
May... 
July.... 

121.10 t-l'H 

98.76 — 

200.60 -0.40 

103.26 p-O.561 
106.66 —0.56 

100.40 Mutt 

110.60 I-0.1S 

95JB6 !— 0.25 
98,20 (—0.20 
100.66 1—0.16 
102.88 —0.20 
104,70 ^-ojg 


Business don e -Wheel: July 112.75* 
111.10. Sept 98.75-98.60. Nov 100-60- 
100.60. Jen 103^0.103^5. March 
105. 75-105.65. May 106.40-10825. July 
110.50 only. Sales: 224 Iota of 100 
tonnes. Barley: Sept 95-05 only. Nov 
98.10 only. Jan 100.B5-100.GO, March 
102.55 only. May 104.70 only. Seles: 
21 lots of 100 tonnee. 

LONDON GRAINS— W heat: US dark 
Northern spring No 2 14 pec cent 
July 95.50. Aug 95.00. Sept B4-75; 
US No 2 soft rad winter July B6£0, 
Aug 87.75, Sept 6S.75: French 114-12 
per cent June 143.00: English teed fob 
Sept lOO.OO-IOO.SO. Oct- Dec 109.00- 
109.50. Jan-Merch 106.00- 106.50. April- 
June 113.00 seller. Maize; US No 3 
yellow/French transhipment East Coast 
July 159.50. Barley: English feed fab 
Aug 98.S0 eoHer. Oct-Dee 102.50-103,00, 
Jsn-March 108.50-107.50 buys r/ael (era. 
Fleet unquoted. 

HGCA— Locational ex-farm spat 
prices: Food 0 artsy: E. Mid* U&JXfe 
Scotland 100.48. The UK monetary 
coefficient far the week beginning 
Monday July 6* (based an HGCA 
calculations using 4 days exchange 
rates) Is expected to change to 1.243, 



US MARKETS 


CRUDE OIL was again the 
motivating force beto * ■ JJf 
New York markets at least, 
reports Drexel Burnham Lam- 
bert Early fond buying set 
the pace, steadying both i the 
crude and the products, 
fetoed bHocal and commis- 
sion house buytng- However, 
profittaking In the hjgjing ®U 
led to pressure in thej crude 
touching stops across the 
board, paring gams- ™ 
precious metals willed on 
early trade and speculative 
buying, hut sold off on pronl- 
taking and trade selling, also 
closing with pared ****&- 
copper, heavy liquidation in 
advance of first notice day on 
July eased prices- Sugar 
reversed early gains on com - 
mission house buying as trade 
w iling touched off stops. In 
tiie grains and soyabean com- 
plex. weather prospects were 
qpain dominant, as profes- 
sionals and commission bouses 
dated. In the soyabean pro- 
ducts. lower premiums in 
Brasil added to weaker prfees- 
whlle in the corn, lack of 
export bu erneas also con- 
tributed. Wheat reacted to 
weakness elsewhere despite 
the fact that harvesting enu- 
tinneA to be held op by rain. 
Cattle futtues were InsiraUv 
nnchanood as traders awaited 
the cattle inventor* report, 
while to the nork bellies and 
hoea. nervousness over the 
forthcoming nig and hog cron 
renoi-ts, and weaker 
B+**-e« prompted a marked 
sell-off. 

NEW YORK 


447.6 

483-5 



High 

M7.4 

Low 

447.2 

453.4 

448.7 

mpmm 

— 

468.0 

<63.0 

464.0 

469.0 

469.0 

466.0 

472.5 

472.5 

— 

— 



- — 

£83.0 

<83 3 

aw 


492.0 

4522) 

497.5 

467.5 


March 

May 120-20 
July 120 20 


p i ATI Iff UM M troy or- 

' Close Pruv 

July S52.6 55.-0 

August 

S5* as ISi 

Jan 9666 S66J- 

Sfril 573.3 572-f 

July 680.1 579.5 

Oct S87.1 


489.6 
495.8 

562.1 — — 

T5.000 ih» 

■"'pSv HtoS UW 
131.60 132.W «9.7 5 
i«4 SO 12S.5S 124-20 
06 121-2S 120.53 

fSiso us-** traao 
120.20 — — 
120.23 — — 

120.2 0 ~ ~ 
S/troy E» 


High 

557.0 


Low 

552.0 


_ 581. B ^ — 

565.0 566.0 

S69.C 567.0 

675.0 575.5 

581.0 581-0 

587.0 587.0 


SILVER 


4nm w voe. canK/troy oz 

Low 


July 

August 

Sept 

Dec 

Jan 

March 

April 

May 

July 

Sept 


Close 

710.0 
7W.7 

720.0 
734.7 
739.3 
748-2 


Frev 
695.5 
700.0 
785 1 
7192 
723.7 
733.3 


High 

716.0 

720.0 

727.0 

741.0 


-S.C 

717.0 

786.0 

720.0 


758.1 743.0 

769.2 752.9 

779-2 762.7 


752.0 735.0 

768.0 761.0 


SUGAR 

112.000 


WORLD " 11 
lbs, cants/ lb 


July 
Sept 
Oct 
Jan 
March 
May 
July 
Oct 

CHICAGO 


Close 

6.60 

8.90 

6.87 

7.18 

7.3S 

7.48 

7.B5 

7.86 


Prev 

High 

6.89 

6.83 

7.11 

7.10 

7.24 

7-23 

7.53 

— 

767 

766 

7.80 

732 

7.91 

7.53 

8.09 

8.09 


Low 

6.65 
8 90 

6.85 

7.30 

7.48 

7.65 

7.86 


ALUMINIUM 40.000 lb. cents/Ib 


i iUE CATTLE 40.000 Ibe, cant»/lb 


_ H ~Z. LIVE HOGS 30.000 ihe. cents/lb 



Close 

Prev 

High 

LOW 

July 

69.25 

70.00 

69.50 

69-25 

August 

69.40 

70.25 

— 

— 

Sept 

88.90 

69-80 

69.50 

69.40 

Doc 

66.10 

69.60 

09.55 

68.03 

Jan 

a. 10 

66.60 

— 

— 

Feb 

— 


— 


March 

62.10 

69.60 

— 

•— 

April 

— 

— 

— 

— 

May 

68.10 

69.60 


— 

July 

68.10 

89.60 

— 

— 

COCOA 

10 tonnee. I/tonnes 



dose 

Prev 

High 

Low 

July 

19.97 

20.01 

20.01 

19.95 

Sept 

20.03 

20.07 

20.17 

19.96 

Doe 

20.13 

20.22 

20X6 

20.06 

March 

20.38 

20.50 

20.52 

20.20 

May 

20.58 

20.75 

20.72 

£3.66 

July 

2081 

2036 

2036 

20.88 

Sept 

21.01 

21-22 

21.20 

21.10 


Aug 

Oct 

Dec 

Feb 

April 

June 

Aug 


Close 
63.77 
61.27 
83.05 
64.10 
64.97 
64.30 
64 JW 


Prev 
83 JO 
61-22 
83.15 
64.17 
65.00 
64.30 
64.30 


High 

63.55 

61.50 
63^7 
84.35 
85.15 

64.50 
64.00 


Low 
6220 
61.16 
62.97 
64 00 
64 -SO 
64 20 
63.4C 


July 

Aug 

Oct 

Dec 

Feb 

April 

June 

July 

Aug 


Close 

Prev 

Hiflh 

56.50 

57.15 

67.30 

52.55 

53.15 

53.40 

43.82 

45.10 

44.90 

44.07 

46.05 

44.85 

42.10 

43.05 

42.90 

39 -BO 

40.30 

40.25 

41.45 

42-00 

41.50 

41.70 

41.85 

41.80 

39.95 

40.70 

40 JS 


Lew 
56.45 
52.40 
43.75 
44.CE 
42.05 
39.60 
41 -CO 
41.65 
39.55 


COFFEE “ C ” 37,800 lb, esnts/te 


MAIZE 

8 POO bu min. eents/56 lb bushel 


Class 
July 104.06 
Sspt 106.34 
Dec W6.67 
March TIO. 80 
May 112.05 
July 114.00 
Sept nc.00 


Prev High Low 
1TO .25 WS.W 103.50 
106.22 108.50 104-90 

107.68 106-86 107.00 

108.60 ItIJO no.oo 
rn.se -raja nz.so 
ra.78 w.ro mro 
twj* — — 


July 

Sept 

Dec 

March 

May 

July 

Sspt 


Close 

Prev 

High 

178.2 

185.2 

1B2.4 

184.4 

191.0 

188.4 

189.4 

197.2 

194.0 

197.2 

204.4 

200.0 

201.2 

207-4 

202.4 

202-2 

208.6 

204.0 

200.6 

206,2 

203.0 


Law 
178 C 
184.C 
189 0 
196 4 
200.0 
201.4 
200. e 


COPPER 25.000- lb, owrtu/lb 



Close 

Prev 

High 

Low 

July 

7oro 

71.30 

71-25 

70.CO 

August 

70.66 

71 .2D 

•— 

— 

Sept 

70.46 

71.10 

71.00 

69.40 

Dee 

69. GO 

70.00 

70.00 

08.40 

Jan 

69 JB 

09.70 

68.75 

88.76 

March 

99.76 

69.30 

69.06 

68.00 

May 

69.36 

98.90 

09.70 

09.70 

July 

68- IS 

69.70 

68.05 

6BJ& 

Sept 

68.16 

66-70 

— 

— 

Dec 

ns .36 

88.90 

•— 

— 

Jan 

68.40 

88-96' 

J8.76. 

60. IS 

March 

88.60 

69.16 

69.00 

68.00 


COTTON 50,000 lbs, cents/lb 



Latest 

Prev 

Hgh 

Low 

July 

75 JO 

75 JO 

75.00 

74.05 

Oct 

72.60 

71.95 

72.60 

TOM 

Dsc 

71.65 

70.85 

71.65 

69-90 

March 

72.00 

71.87 

72.00 

70.76 


72.03 

72.00 

72.00 

72.00 

July 

72.90 

72.80 

72-10 

71.90 

Oct 

66.70 

66.75 

66.75 

09.70 

CRUDE 

OH. (LIGHT) 42JW0 US 


gallons. 

S/barrets 




Latest 

Prev 

Hktii 

Low 

August 

20.4S 

2D2A 

30.70 

a -3i 

Sapt 

20.23 

19.77 

20.43 

20.08 

Oct 

20.16 

19.86 

20.36 

20J» 

Nov 

20.13 

19.77 

2034 

20.02 

Doc 

20.07 

19.72 

2031 

16.98 

Jan 

20.03 

19.88 

2027 

19-98 

Fab 

19-95 

18.85 

20-20 

19.65 

March 

20.06 

16.63 

20.16 

20.05 

April 

20.10 

19.81 

20.10 

20.10 

HEATING OIL 42.000 (AS gaflona. 

conts/US gallons 




LntMt 

Prev 

Hkrh 

Low 

July 

— 

52.59 

54.10 

53-10 

August 

S3.8S 

53.18 

94.50 

63.50 

Sept 

94.70 

63.89 

68ro 

Biro 

Oct 

&6.4S 

54.87 

S6.05 

56.26 

Nov 

56 JO 

66 36 

nro 

96-00 

Dec 

67.00 

66.00 

67.00 

56.80 

Jan 

— 

— 

— • 

— 

Fab 

— 

— 

— 


March 

56.50 

Biro 

66.20 

66.60 


PORK BELUES 38J1C0 Iba. cents/lb 

July 

Aug 

Feb 

March 

May 

Close 

73.70 

70.80 

58.32 

58.02 

roro 

Prev 

75.70 

72.80 

60.25 

60.02 

61-30 

High 

75.10 

72.15 

59.35 

69.70 

6020 

Low 

73.7C 

70.80 

5S.2S 

58.02 

59.30 

SOYABEANS 

BJOOO bu nin. oema/60 fb bushel 


Ctosa 

Prev 

High 

Low 

July 

634 J) 

648.0 

641.0 

S29.4 

Aug 

539.0 

653.6 

546.0 

535.4 

Sept 

639.0 

554.0 

547.0 

536.0 

Nov 

546^4 

563.0 

563.0 

540.0 

Jan 

s 654.2 

572.0 

661.0 

548.0 

Maroh 

664.2 

582.0 

571.0 

559.0 

May 

571.0 

500.0 

576.0 

567 .C 

Jiffy 

S72.4 

692.0 

5S0.0 

670.0 

Aug 

568.4 

588.0 

— 

— 


SOYABEAN MEAL 100 tons. Sit on 



Close 

Prev 

High 

Low 

July 

170.7 

175.1 

173.5 

167.8 

Aug 

168.5 

172.9 

171.0 

164.5 

Sept 

188.7 

171.9 

168.5 

164.0 

Oct 

166.7 

170.5 

168.0 

163.5 

Dee 

167.0 

172.7 

169 .S 

1E4.2 

Jan 

167.7 

174.0 

170.0 

iss.o 

Maroh 

171.0 

177.0 

172.0 

16725 

May 

168-5 

177.0 

171,0 

1B8.0 

Jiffy 

169.5 

178.0 

172.0 

188.5 

Aug 

170.0 

178.0 

171.0 

170.0 


SOYABEAN OIL 60,000 lbs, cwrts/lb 


July 

Aug 

Sept 

Oct 

Dec 

Jmi 

March 


Close 

16.21 

IBM 

16.64 

18X5 

17.13 

17.30 

17.59 


Prev 

18.48 

16.62 

16.83 

17.01 

17.32 

17.47 

17.77 


High 

16X7 

18X7 

18.72 

16.95 

17.Z7 

17X0 

17.70 


Low 

16.13 

16 32 
16.54 
16.70 

17 00 
17.28 
17.59 


SPOT PRICES: Chicago loose lard 
16.75 (same) cents par pound. New 
York tin 309-12 (310-12) cents par 
pound. 


May 

July 

17.79 

18-00 

18.01 

18.40 

18.0Q 

18.00 

17.79 

18.00 

WHEAT 

5,000 bu min. cents/60 ib bushel 


Close 

Prev 

High 

Lew 

July 

284.4 

259.8 

268.2 

254.0 

Sept 

2SZ2. 

246.4 

265.0 

262.0 

Dec 

zns 

276.2 

273.6 

270.4 

March 

2182 

278 .4 

277.0 

274.6 

May 

268.0 

272.0 

270.4 

268.0 

Juiflr 

262.0 

2S3A 

2624 

282.0 


POTATOES 


The market opened £1.40 down In 
response to heavy drop In earfias 
quotation plus fine weather materialis- 
ing. However any stops below £128.00 
wore easily absorbed and by close 
the market had recovered virtually all 
days losses to finish at highs, reports 
Coley end Harper. 

lYestardBy'Bi Previous [Business 
Month I olose ofoso done 


Nov.-M— 
Feb. ..— 

Apr 

May 


£ per tonne 

l 


83,00 


08.70 08.30' 

90.60, 97.00 

.196.70 195.70 125.70-124.50 
138. SO 138.60 137.60 


Sales: 520 (492) lots of 40 tonnes. 

OIL 


Latest 


IKf= 


CRUDE OIL-FOB (S per ba/ToD-Jufy 
Arab Light. 


Arab Heavy 

Dut»aJ — — 

Brent Blond 


W.T.I. (1pm oat). — I80.40-S0.5SI 
Forcados (Nigeria) 

Urals (oif NWE). 




17.30-17.4B* 

19.15-19.26* 


+ 0.10 

+0190 


PRODUCTS — North Weet Europe 
Prompt delivery olf (S per tonne) 
Premium gasollna.-i IBS-lBBi +1 

GAS Oil ! 158-160 +5 

Heavy fuel OU. i 100-107^ +1.6 

Naphtha- 1 170-172| +i 

* August. 

Petroleum Aigus estimates 


SOYABEAN MEAL 

A weak day saw prices retreat under 
heavy commercial selling reflecting 
lower cash levels end beneficial rains 
In America. Nearby prices still remain 
relatively steady with good consumer 
interest, reports Mulrpace. 


MEAT 

MEAT COMMISSION— Average fat- 
stock prices at representative markets. 
GB— Cattle 97.38p per kg 1w f — 1 .80) 
QB-S+oep 169.49? per kg eat devi 
(- 13 j 41 ): GB— Pigs 78.1Bp per kg 
(—3,13). 


TEA 

Thera were 32.612 packages 
■* the London Tea auctions. 
1.600 packages In the effshora 
reports the Tea Brokers Asi 
There we* a much improved 
with the emphasis on bettor 
varieties. Assam CTC*a m 
competition with coloury tvt 
6 to 15p higher but Banglsd 
remained generally weak. 

Ing East Africans were the f 
the. sale opening 5 to 151 
tiiough closing on e quiet 
Mod luma also sold readily r 
to 6p apart from dusta end 
aorta. Coloury Central Africa 
firm but lesser eons and du 
sometimes difficult of sale, 
received strong enquiry si 

SKSoSf't? ,or ■ J** Stain 

oirenore tees mot fair but 
demand with prices firm ti 
M 'ri. Quotations: qui 

50 48 (503? BdiHm 103 (98J; k > w 

SUGAR 

■JTOKTJBS 1 * 




Yesterd'ya 

dote 

+ ort Business 
— I done 

August 

October..... 

Dee 

£ 

per tonne 

154.0- 1M.8 
1R.0-1SS.6 
1SLB-I5SJ 
1SG.6-1K.0 

156.0- 137.6 

164.0- 166,6 
1i6.E-li8.0 


Fob— ........ . 

April 

Juno 

August 

-a!ra| 

— 2.60 - 

r 2,80! — 
—iM - 


Seta* 292 (241) tou of 20 tonnee. 


Aug— —1 161.0- IB' 

go*- IBM-161 

gpo 1 16AJ-1&1 

J5 ar — ■-> 198J-1& 

1 171.6-17! 

Aug-... 174.4-171 
OoL 1 f76.6-17l 

Sales 1,173 (3 
Tara and Lv 
granulated bas] 
(£211.00) a ton 

Intent aM anal ; 
«mta per pound 
hoan porta). Pri 
<a “ 










35 




Financial Times Tuesday June 30 1087 

CURRENCIES, MONEY & CAPITAL MARKETS 


Contracts & Tenders 


FOREIGN EXCHANGES 


Sterling falls despite Opec 


FINANCIAL FUTURES 


! . ST ' 

*S. 

. {.*■ '■ 


'!■ r. 


Found depresses gilts 


GILT PRICES recovered from a leave the September gilt price The loss of volume was directly 
weaker start but were still down down at 132-13 at Use close down related to the lack or ncentive in 
on opening levels. Sentiment was from 122-27 at the opening and the market The US dollar showed 
influenced by sterling's weaker 123-06 on Friday. News froth Opec a modest overall gain hut senti- 
trend. The pound's fall came that production levels would be ment suggested that the improve- 
despite an encouraging report in maintained was also good news ment was only likely to beashort- 
the UK economy by the London but this failed to turn the market term move. Bearing economic ftzn- 
Business School which tended to around. damentals were seen as likely to 

suggest low inflation and con- Three-month sterling deposits pull the dollar weaker in the mld- 
tlnued growth in Industrial pro- acted in much the same way with term, 
duction. the September price opening at 

However speculators were 90-77 down from 90.84 on Friday The September price opened at 


■?H-£ 

• f 


UF ^5 BED sorae win publ^bed on Thursday, did not intervene at the fixing, 
surprising downward pressure on ahead of the long holiday There was no reaction 
toe foreign exchanges yesterday, weekend in the US for Indepead- that West Germans * EH 

ence Day ' but not ex P ecled account surplus widened 
the vulnerability of the pound to have a strong Impact on toe dollar, to a provisional DM7 5 hn from a n 
any .HCTffiBed demand far Ihe The nert mai^teat may aot be “pSST re.'.ed bMllba 1° 

d JiL - until publication or the US May April. The uade surolus rose £ 

J^JSSBSraSiSS in ***<«* BMHL9I,,, Busina S.W which landed to aroanc 

tern from the Ors SatlonoTSS: , StESSS'JES't.., su “ est low iBOmUon and cm- Thrc 

5™* Sws,' 


meeting in Vienna, agreeing to an SFTL5145;' and to Y146.75 from *13835. May ivtSe lS 

SBW..TSff.K“ , 5 «£* 


barrels a day, to hold prices at 
around $18 per barrel. North Sea 
oil prices rose above $19. 

A forecast by toe London Busi- 
ness School, of steady growth in 
the British economy and Inflation 
falling below 4 per cent, was also 


on opening levels. Sentiment was from 122-27 at the opening and 
influenced by sterling's weaker 123-06 on Friday. News froth Opec 
trend The pound's fall came that production levels would be 
despite an encouraging report in maintained was also good news 


damentals were seen as likely to 
pull the dollar weaker in toe mid- 
term. 


According to the Bank of Eng- 207.1 six months ago. 


land the dollar’s exchang rate 

index rose to 102.4 from 102.2. 


The yen was slightly weaker 
against the dollar in quiet Tokyo 


trading The US currency rose to 
agauujtthe dollar u 1987 Is L9385. Yl«,60 from YM&90, but there 
to 2.7890. May average 1.7887. were no new factors to influence 
Exchange rate index 1465 against the market Dealers expected toe 


However speculators were 90-77 down from 90.84 on Friday 
influenced by sterling's weaker and trading In a narrow range 
opening and although it showed before dosing at 90.79. 
little change on the day, confl- US Treasury bonds finished 
deuce was sufficiently dented to lower on the day in quiet trading. 


The September price opened at 
91-10 down from 91-25 on Friday 
and slipped to a low of 90-22 
before coming back to close at 90- 
19, down from 91-25 on Friday. 


» bul failed «• b °°* MJLTlg months ago. ^^SS?aS 

JtESS-Mi below $ 1.60 ,n the JStMKj K‘ i!%BS 

Far East, on suggestions Chat trad- with much of toe trading techni- next month. 

SlilfoSteSiJSa.'SSS Attention tended to switch to- 


the immediate direction of toe US sterling, which fell to $L5990 at 


Ci°w 7 n^ e '!! n i t ’ a . nd 5 11 to a of eurreac y. Of when it would break the Tokyo close. There 


$15970 in early London trading. 

The pound soon recovered to 
around $1.60, and remained about 
that level for the rest of the day, 
closing 1 cent lower on the day at 
$1.B005-$L6015. 


UFFE UMfi GILT FUTURES OPTIONS 
Strike Cdb— La Puts— Last 

Price Sept Dec Sept Dee 
118 455 BAS 029 1.31 

120 1» 4J0 0^2 2J2 

122 206 324 1.4b 386 

124 IAS 230 233 402 

12b 0.42 1.46 4Jb 538 

125 032 132 5 AO 637 

130 0.11 030 7.49 B3Z 

132 OJ07 032 9.45 1034 

Estimated mitt me utal. Calls 2,904 Pots 2.936 


UFFE 115 TREASURY BOND FUTURES OPTIONS UFFE FT-SC UO INDEX FUTURES OPTIONS 


Lifts— La 
Sent Dm 
733 78? 

530 532 

432 4J0 

2.44 383 

137 239 

03b 139 

028 0A1 

033 039 


Puts— Last 
Sept Dec 

035 0.44 

032 130 

030 232 

13b 245 

239 331 

338 SJJ7 

530 639 

639 B37 


Cafe -Last 
June Jsty 

12+7 14.04 

10.46 1236 

B81 1061 

6.95 930 

349 7.735 

435 630 

331 5.41 

237 4.46 


Pbtt-USI 
4m Joty 

0.97 254 

1.46 126 

232 431 

2-95 530 

3.99 633 

535 730 

6.71 8.91 

837 10.46 


out of its' present narrow trading 


ra f® e - , . ling positions against the D-Mark, 

The dol lar rose to DM 1.8290 and selling or the pound out of 
from DM L8255 in Frankfurt, alter Singapore, on doubts Opec would 
being fixed at DM 1.8280, com- maintain its output ceiling, 
pared with DM 2.8257 on Friday, intended to hold oil prices around 


Sterling also fell to DM 2-9305 The West German Bundesbank *ig a barrel, 
from DM 2.9425; to FFr9.7775 from 

FFr 9.8150; to SFr 2.4325 from SFr EM5 EUROPEAN CURRENCY UNIT RATES 

2.44; and to Y235 from Y235.60. ■■ 

On Bank of England figures, toe 

Found* exchange rate index £S 

opened 0-4 lower at 7L8, and rates June 26 rale dlreraw 

dosed at that level, alter touching Belgian Franc 42.4562 42.9605 +1.18 +0.71 

a low Of 71.7. Danish Krone 735212 734609 -0.05 -0.4; 

‘ mha rinllnr finiehorf in Fiimno Gentian D-Mark _ 2.05853 2.07X10 +0.61 +0.X ( 

7 ne dollar nn idled in Europe French Franc _____ 6.90403 6 91199 +032 -ojh 

around its higbest levels Of toe Dutch Gnilder - . 231943 238165 +033 +031 

day, but remained within a nar- imh Pam Q.76B4U 0.773318 +034 + 0 . 2 : 

row trading range, on lack of new Italian Lira — 146338 1501.62 +1.32 +m 

factors. US unemployment figures Changes ore tor Ecu, therefore positive change denotes a weak currency. 

Adjustment calculated by Financial Times. 


UFFE VS OPTIONS 
OSjWH (cents per £1) 

Strike CjDi — L ast 


Ecu 

central 

Cwrency 
amounts 
against Ecu 

M change 
from 
central 

% change 
adfented lor 

Hwifeou 

rates 

June 26 

rate 

divergence 

fault % 

424582 

429605 

+1-18 

+0.76 

± 13344 

785212 

784809 

-085 

-0.47 

X 18404 

205853 

2071 10 

+0.61 

+0.19 

X 1.0981 

6.90403 

691199 

+002 

-030 

±13674 

231943 

233165 

+033 

+OOL 

±13012 

0.76B4U 

0.773318 

+034 

+0.22 

±18684 

148338 

1501 82 

+1.22 

+1-22 

±48752 


July 

Aug 

Sept 

Dec 

July 


Seat 

Dec 

1025 

1025 

1025 

1025 

080 

089 

030 

130 

525 

5.45 

5.75 

689 

082 

082 

1.16 

277 

132 

221 

2/5 

4.01 

038 

238 

3J6 

5J» 

034 

081 

0.98 

216 

580 

5.78 

639 

824 

ooo 

DJI 

028 

186 

986 

1028 

1089 

12J4 

080 

OOl 

086 

0.47 

1486 

15 IB 

1587 

1635 


Previous day's open Int, Calls 661 Puts UK 


PHILADELPHIA SC OS OPTIONS 
02300 (cents per O) 


LONDON 5E f» OPTIONS 

02300 (certs per EU 

Strike Calls— Last 

Price Joty Aon. Sept. Dec. 

1.45 — — 12.70 12.90 

130 1030 1030 1030 10.70 

135 530 530 680 630 

130 130 230 295 430 

135 035 030 135 230 

1.70 030 035 0.45 130 

1.75 030 035 030 130 

Previous Ay's epee Ice Cafe 10 Puts 0 

Item: 66 

UFFE— EURODOLLAR OPTIONS 


Set*. 

Dk. 

July 

Aag. 

Sea. 

Dec. 

1270 

1290 



130 

270 

1030 

10.70 

n 5fi 

030 

030 

130 

680 

680 

025 

0.75 

130 

270 

295 

4.20 

120 

225 

330 

480 

125 

230 

5.05 

580 

640 

785 

0.45 

120 

1080 

1030 

1085 

1085 

030 

120 

1430 

1480 

1530 

1630 


£ IN NEW YORK 


POUND SPOT— FORWARD AGAINST THE POUND 



Strike 

Price 

July 

Cafe— 

Last 

SfflL 

Dec. 

PuK- 

July Aug. 

-Last 

SepL 


1800 

1.10 

285 

255 

380 

0.95 205 

280 

4.70 

1.625 

025 

1J0 

185 


2.40 380 

4.40 


1850 

085 

035 

180 

205 

480 5.40 

620 

7.70 

1875 

— 

020 


130 

7J0 780 

— 

930 

1.700 

— 

OJS 

030 

1J3 

930 980 

1020 


1.725 

— 

085 

0J5 

0.70 

190 I2J0 

laxn 

1380 

1.750 

— 

— 

085 

085 

AAO 1480 

14.90 

15-70 


dry's open km C 

aft WA 
kNM 

PBttMU 
Puts N/A 





0314.76 pm 
0.48032 pm 

3V2%pm 3.79 
47-32 pm 230 

1-2 UK -0.54 

0204)35 dit -1.00 

4*r3»s pm 539 

302-389 dhs -602 

225-390 (Ss -607 

36 <9l -184 

136-146 tfs -537 

1VH pm 

H P" 

3V2+ P™ , 

4-7 dis -1.06 


536 3*3-2% pm 


10% NOTIONAL SHORT GILT 
OOOJWO 64ths ef U0% 


Estimated Item 0 (0) 
Prevtoes dn's open Iol 0 (01 


M3. TREASURY BI LLS flMM) 
P- Wihttx «« llW^M 



■■■■■■ 


Day's 

spread 


Oae month 



309.95 310.70 30930 310.75 
— 312.95 3U.75 31335 
31430 316.90 32032 31735 
31630 316.90 32032 31735 


IMO STATE AGRICULTURAL DEVELOPMENT PROJECT 
INVITATION FOR BIDS (IFB) 

DATE OF ISSUEi Soft Jtone 1967 
LOAN Ns. 2733 

THE nOEXIU. COVE WUHtNT OF^ THE REWfelC W N«ESl* Hi meehw a tom 1mm t»* Ittorartart Bu tor 
I to w um c di iinIPpivIp nm ri HW WtoUamii) WwiU»BOerwiolweBmilB>tB>U5 5H igXI0P00l ) tBwnaikf aatal 
H01TX.ST4TE flCRlCVLTOtMt DEVELOPMENT PROJECT (MS4DPSI BHINcrtllB apply atwtfma«hi*u>te We 
POKSW d VEHICLES. PUUfOEOUiPNENT rrrtnd Nr tk W““ dike Ine Sate Ap-mutr* Dnvttpmem 

PiPM II W «an. I» nMck tMi hmuWM to b4 H HBOC 

i tooikW ■vtautuu BW (rw itocirstd rtsWt BUSvs Ur Be wnfe ■< On bllontaB Imps: 

A. VEHICLES MID EAU1H1ENT— IMO *0P IPBJ. 

Cnvy Mto DocnpBm BHMRy 

1 1 UnCnUPUMd 10 

2 SMMWmmlSXMOOOcc B 

3 Twppicnanuiop-zanng 10 

3 1 owD Pittoma 1B0O27SO 3 

2 4Wp5adsa Wages 2SOMSOO « 

3 20083500 EnSdUto 1 

« 3 J£JTUr>rCau» b 

2 PnWoBser 4 

3 Tipping BeayUcm 2 

b I BmTOJSSmwt 1 

7 1 MotarciMt 100-iZkr in 

2 IMoqOr 17522SK 278 

1 1 hMnrrlOWNsnpMenM Rates 1 

2 Frato End Loader IMkW 2 1 

2 1 Enrito'ttiW 2 

3 1 VbnmryBrikrlOT 1 

4 1 Gmeiattog Sn 3KVA 3 

9 t LMLoMcT45000h| 1 

6 1 UprtotoipEmJpaM-lHt 1 

2 iMtfvWrtdiapPUit 1 

7 I tortodani factor Mil £e*oM 3 

8 l WMerPatoiJOOms 4 

9 1 TaalBmcs-Sto 3 

3, Mrmtfd iligKPe BMtors nay atnto 6>|ferr Wtonrtni bon md wpm tto BMdkn Dscnvnts ■ nv eflior at: 

L THE PROJECT HUUU 

IMP STATE AfilhCULTUIAL OEVELOPStEKT PROJECT 
DJRGWE ROAD SECRETARIAT 
PA BOX 1977 
OWERIH 

2. THE AOMIHISTRATWI 
AAP LUUSON ACEMCV 
All, FLOOR 
27 DOVER STREET 
LONDON 1V1K 3Pb 
ENGLAND 

UMm nm OMM tor tor smlf el an or mm cooptm camortos m Mh tar pk d mv ol an c+rnwy oat to 
aoxaiaeto. asm. Mi p*fe a«a Ar accantaMeP by toimd mm pva Has In* Clame Tel 5n«M IV 5»Kiai Cwuact 
CmMuB). 

4. A emueto M of Bfcpflto Oomtofnls nap to pentad an rWwiiia M a prom a«MeMtw n> anr d Or war 
■tonn UgHtor dP npu li HMdtoHIt to* M USStHUIO to USOOJX) A (Mratoud hi Htgcru. RUPag 
dnoMss ton or aMMto at ike uttara l w ta wt la paw* 3 mm a> fen Tarutay. yam Jnr 1W7. 

5 AN M am be narwaaM by a bM Hcarltr u omit S% at tor tatM BM take ai IvacrM la Ctam 15 S«m II 
Mncflan u Stoden. Cask rnrtXW hr toe nrnthme si BUfeag DpeaneM saaml ae auactod u tfcr Bad. 
h caaihtta BM togator mtb an Hn c nmB M lwa any nMed toll m ddnoiO at tee earn eh 
THl PStUECT MAiULUM 

IMO STATE AGRICULTURAL DEVELOPMEKT PROJECT 

(HOGWE ROAD SECRETARIAT 

PA. BOX MW 

OtoERRL IMO STATE 

MGEBIA 

ON on BEFORE 12JXJ HRS WEDNESDAY, 3Dtt Septoebtr, 1987. 

BMtofefee epemd to prtH at the Protect Mows Offlce. 


Company Notice 


ANGLO AMERICAN CORPORATION OF 
SOUTH AFRICA LIMITED 

f Incorporated in the Republic at Soutn Atnca) 

Company Registration No 0IXlS3CaaS 

NOTICE TO MEMBERS 

ANNUAL OCM9IAL mElWa 

notice 6HCTE8YOAIENi»1feinneiientanifenmiototo i«ni apfengo>niemnwBc<antptiairBncanCcrpmvin 
P«Gau>iMiicfeUIHailMbnllMII«AAIfeai9hBBLJaMPMMU0,anlbUHep.Aiagutt90l9B7.fl lOraiMBa 

UbMIR BUtoiBBT 

1. To mceiue end eantfetordto Annual feoneni OMmempr jnevear eMtod Haicfe jy M07 

2. To Meet aracm fei aceaManca — w. am iw n ao e ni few Coponari «mibs ol mmhw i 

1 Toconamanmal Joatomaaia. mpPSg.tomoMtolMulnioaOi a BPt m»»oliiiitoipoin«toivinohaice».nni(ky 
M 'nw me amcr ri be ana twy win m nemsM b total and issue 

maamanypanmmy ■'eegSMtXMuioauoqincfeisnisPioctfittMivspata tt ita eo BCTescJgScMta 
tool n me capito m ra Coiparaaon amt 

(b) at* oowkna la Die ab»M and ua u Pm a mdnaiy enures numdremn amena— 
acneme.PfemanrpoiPcinolfetoa im onnpiTfecmdmitnMVMtoipvAndSmdrinniahaiaBdlOcMBr 
■acn n Pa apto ol Uto Ccrpmem. to suck am or woes to pdi|»i e« perem. ctmtway » 
c o mppis— ■ m uoansucn wraana caviesto Boy any Jatonns* 

(q Tlw bw nmam De and tMv naansv an aanmon b mam onaaigenms an suen lernn and csniMiato 
ai day may damn hbn sutverexm Pv indnvnn to- 
tal any sraaos n me Dapavanon. an lata s a a ngyss u «mes nan ev aa Ctopoaisn n any ofew 
coanponv. Mtorsa by nay to opn nacn Uto nto Itocn w> by IM parson* ended OitoafeL am 
OH any tonne mactong eon Iw c ai aa wuw n to my feaefeansl i mtoiai wn i an mpeg w any amn 
Htoied m pusuance to a ilgnto oeia prandM PM any nflixa b autot inarm toioi car Da ma n nP- 
pod hym on re Jo naf nertkiia andhr Ltotthamocii mc nar ^ es si tie aeua torsig toedi Piey am 
quatodeOMeMnamcnnpeamayBeeafeymBieundenyeeni Minenaf pexsedstoanysebto 
cucn iRytsanap be pud ■■> «w Ccaponiaoa irm aanony tha« ronai fei toros mmaa o nueu to 
unaindad by me duentodan ei (Biwndniaeang- 

**n*rm — rdaiam -f~ir-r ai naoR - ~ n ~isl i Triidn-it~i^ii-iBirr-iiiim-ynilniiian«nni ion mi IM h m muiq hi Iiu 
rn tr- Hm inim i r t'i aio r i m -r p intk n n i rrfiru "rr~raem leinr n~im to mir ■ifeinnai ai n— r -— — • 
A oantoar emawa b mm and vena at meomsanp ■ onalMd B appon a posy or panes b anoxL apage m 
mid n hs dap A pansy iMittHiiana to BtaCapaMon 

fly maer cf fee boom 

-tf CL.MALtBT.Stok.Pfe, 

«4 Man Sana! 

AftmMUtaDI tons 29 1887 

■ban bitoe swo»eyaeeetoO iM. a a Qm«a d b»mC to p»«ton. nr mvsmauPoototoLto « ma»s «ei .n M ai na »n»tomto 
MCheanntyna n* tooto. Eemsps n lamoa aaaaw to on acaoa omatoto M atowaiai 
IBtoatoiiBtoitotoiamm — BbnmnstofiiliusifeOlpfahtontoiitt i toiMmlinaiaceiinitoiAKiSBPidcnPBniBaeitobm 

tosducL Loner KIP l*i 



Close Wgb Low Pita. 

Jaw — 22830 22950 22830 22860 

Sept 23460 23480 23340 23530 

Dec. 23830 — — 23860 

Estiamted mlwne 1J20 (M87) 

P rttlcHS (toy's open |oL 6384 <8,5151 


•CVS DR take for June 29: 1-70679 

CURRENCY MOVEMENTS 


t UK nd Iretaod we quoted hi US oemnty. Forad pmfensaad dbcomis appq m US daui and am 

is the In darid uo l cir rency. Belgian rate b for emnrVUe francs. Financial franc 38315-3835 


W*. 

5^« 

70-76 
4V5 
7W 
9-11 
6VM, 

6V«. 

4^-4% 

Morgari Guaranty changes: average 19BD- D. Krone 1 9A*-9 *b 

iisz-100. Bank of England l tota tBate average Arian$Sing 1 W»-l«a 

1975=1001. — ■ 

Lonp+erm EiarodoHars: Tap years 84P4 per cent; three years S%-3 5 yj per cesn; four years 8>?-81i 

OTHER CURRENCIES percent; live years 8%-8% per era* noratnaL Short-term rates art call for US Dollars and Japanese 

Yen; often, tarn daws' notice. 


June 29 I £ 


DM 0341 0546 L 

TEN J 4.255 6813 12.47 




£world value of the pound 

The tabic bdow gives the latest available rate of exchange for the pound against various currencies on June 29, 1987. la some cases rate is nominal. Mwket 
rates are the average of buying and sdfing rates except where they are shown to be otherwise. In some cases market rates have been calculated from those 

of foreign currencies to which they are tied. 

redheef eaptottmar^hte; ffjhreiatef OTtewf wlLS. doBor parities outgoing tUrllag-AHtar rates; (TjtonrM rate; (Bas) basic rate; 
fba) buying rate; (Bk) bankers’ rates (cm) commercial rate; (dr) comertOk rate; {hi) financial rate; (exC) exchange certificate rate; (me) nan commercial rates (am) tumbrels (a) 

•Ifidal rate; (sg) setting rate; (c) cmrtnM rate. 


VALUE OF 

£ STERLING 


Afghanistan . 


1D23 I 1637 2.997 2403 10. 2488 3375 

0658 1205 I 9661 4-020 [ 1. 1 1357 


0303 t 0.485 
Lira I 0.472 I 0754 


2963 | 0.737 | 1. { 6433 0347 
4380 J346 ) 1-554 ) 1000. ] X006 


0.750 1373 U03 4300 1339 1346 994.4 
2635 I 4824 3868 I 1609 4804 5432 I 3495. 


Yen per 1,000: French Fr per 10; Ufa per 1,000: BeVjhm Fr per 100. 


MONE Y MARKETS 


UK rates firmer 


INTEREST RATES were a little 
higher in London yesterday in 
reaction to sterling's weaker 
trend. Economic fundamentals 
tended to point towards a firmer 
pound but there seemed to be 
sufficient selling pressure to push 
the pound weaker. Consequently 
interest rates were marketed up 
in the periods and three month 
interbank money finished at 954- 
91 * per cent up from SA-9^ per 

Ce Overnight money touched a high 
of 9*4 per cent before slipping 


UK clearing bank base 
lending rate 9 per cent 
since May 8 


ay to 6 per cent 
'he Bank of England forecast a 
triage of £750m with factors 
acting the market including the 
laymen 1 of any late assistance 
l bills maturing m official 
„ds together with a take up of 
•asurv bills draining £86Sm and 
•hequer transactions a further 
oni. These were partly offcel by 
all in the note circulation of 
0ni a nd banks’ balances 
ught forward £10m above 

Sslance in the morning came 
£4a m through outright purch- 
^ofeiigrble bark biils.£27m in 
id l and £ 26 m in band 2 all at 
per cent 


The forecast was revised to a 
shortage of around £ 80 Om, before 
taking into account the morning 
help and the Bank gave additional 
assistance in the afternoon of 
£783m though outright purchases 
of £Ilm of Treasury bills and 
£192m of eligible bank bills in 
band 1 at Ettfa per cent In band 2 it 
bought £2m of local authority bills 
and £455m of eligible bank bills 
all at ffVh per cent Band 3 help 
comprised purchases of £48m of 
Treasury bills, £45m of local 
authority bills and £ 22 m of eligi- 
ble bank bills at 8% per cent Late 
help came to £60m making a total 
of £898m. 

In Frankfurt call money was 
quoted sharply higher at 4.75-5 
per cent up from 3.6 per cent on 
Friday. The rise reflected techni* 
cal demand created by the month 
end. Tax payments and the half 
year end accelerated the drain on 
funds although dealers stressed 
that temporary nature of the 
Shortage mde it unlikely that the 

Bundesbank would add further 
reserves. 

However it seems likely that 
commercial banks may have to 
draw fbrther on their Lombard 
facility at the fairly penal rate of 5 
per cent as pension payments are 
expected to cause a further out- 
flow of funds. 

In Paris the Bank of France cut 
its money markeL intervention 
rate to 7!/i per cent from 7% per 
cent and also reduced its seven 
day sale and repurchase rate to 8 
per cent from 8 1 '* per cent 


FT LONDON INTERBANK FIXING 

0180 ajil Juae 29) 3 mantis 118. doSas 6 morals U.S. dollars 

BM 7»i |~ oHfef 7 bid 7 >g I oHw 7 h 

"nv fixing rate* are the arithmetic means, rounded to the nearest o we - s i x t e enth, of the bid and 
offered rates for SlQm quoted by the maricel to live reference banks at 1180 bjb. each working day. 
The banks are National Westminster Bank, Bank of Tokyo, Deutsche Bank, Banque National de 
Paris and Morgan Guaranty Trust. 

MONEY RATES 

NEW YORK Treasury B«a and Bonds ~ 

(Lunchtime) Onewwk WA Tleeejwr 7.76 

(umcimmei Tabowab N/A Fewjt ar — 7.94 

Prkaeratr 825 Three north 587 Fheyrv 883 

Broker townee 8 She manh _______ 634 Semi rear ■ — 825 

mm 6 S» 0»yw 6.72 10 year — 839 

Fedtonfeattoterremloa _ 6% Tun year 731 Mjw — 833 


Treasury Btfls and Bonds 

N/A Tfree year 

WA Faar year _ — 

- 587 Fheyear 

634 Snenror 

6.72 10 year 

731 30 yew 


Frankfort — 

Paris 

Zurich 

Aostmlw- 

Tokye 

MBaa 

Brussels 

Dublin 


7H-751 

.Vl«i 

5*r5i 

353125 

UPrll 

3.75 

10*4-10*: 


floe 

Two 

Three 

Six 

Month 

Months 

Months 

Months 

380-3.70 

380-3,70 

380-3.75 

385-3 00 

7%8 


8/. 8,1 


3*2-3J» 


34-34 

— 


— 

5,1-5,'. 

— 

339375 


385b2S 

— 

iovni| 

— 

11-11 h 

— 

61f65« 


6VW* 

— 

ioa-io,'« 

lOVlOt} 

lOVlfPz 

UMrlOSp 


LONDON MONEY RATES 


Imertw* 

SterfmgCOs. 

Local Aidbority Deposits 
lacd AeUiorily Bonds 
OUcount M'ket Deposit! 

CoHpany Deports 

Finance House Deposits _ 

Treasury Bilh (Buy) 

Bank Bilts (Buy) — 

Floe Trade Bltfs (Bey) 

OeftorCIM — — 

SDH Lhikrt Deposits 

ECU Linked Deposits - 


Over- 

Mgbt 

7 days 
notice 

Month 

Three 

Months 

968 

9V9 

9A-9.V 

9V9i 

*- 

— 

9V9 

9*8-9 

9 

9 

9 

9 

— 

— 

9,’t 

9,1 

9«a8 

9,1 

Bit 

S*p 

98i 

9V»j 

Va 

9,1 

— 

— 

9»a 

9*a ! 

— 

— 

n 

flfi 

— 

— 

33 

8 h 

— 


9JJ 

9J5 

— 

— 

7.10-7 05 

7207.15 

-re 

— 

Wj-5?, 

fa‘,-6 

— 

— 


W,-6Sp 


Antton _ 
Argentina . 

Anita 

Australia _ 
Austria _ 
Azores _ 


Bahrala 

Balearic Islands. 

Bangladesh 

Barbados 


Bella 

Benin 

Bermuda ■ 

Bhutan 

Bolfvia 

Botswana 

Brazil — 

British VirgrtVstertS . 

Brunei 

Bulgaria 

BurktaoFaso _____ 

Butina — 

Burundi _____ 

Cameroon 

Canada - 

Canary Islands — 

Cape Verde (stands _ 
Cayman (stands __ 
CeaLAfr. Republic — 

Chad 

CbUe 

China — 

Colombia 

Comoro (stands - 
Congo (Brazzaville) _ 
Costa Rica _____ 

Cuba 

Cyprus 

Czechoslovakia-— 


Pewwartr 

Djibouti Republic of _ 
Dominica _____ 
Dominican Republic — 


Egypt 

, El Salvador 

Equatorial Guinea 

Ethiopia 

Falkland (stands 

Faroe Islands — 

FIJI Islands 

Fin land 

France 

French C*ly In Africa _ 
French Guiana — — 
French Pacific Islands . 

Gated 

Gambia 

Germany {East) ___ 
Germany (West) 


{ French Franc 
Spanish Peseta 
Kwanza 
£- Caribbean S 
Austral 
Florio 

Australian $ 

Scuffing 

P tn Ufe iew Emdo 

Bahamas 

Dtnar 

Spanish Peseta 
Taka 

Barbados S 
Belgian Franc 
B S 

C.FJV. Franc 
B erm udia n $ 
NgoHnim 
BoUfetans 
Pula 
Cruzado 
U-S. S 
Brawrf % 

Lev 

C.FA Franc 
Kyat 

Burundi Fraoc 

CJFJL Fraoc 
Cauatan S 
Spanish Peseta 
Cape v_ i“P7vte 

Cayman Isles $ 
C.FJV. Franc 
CJJL Franc 
CMtau Peso 
Renminbi Yuan 
Col. Peso 
C.FJL Franc 
OFJL Franc 
Colon 

Cuban Peso 
Cyprus £ 


Banish Kroner 
DPboutl Franc 
E. Caribbean S 
Dominican Peso 


33010 
03040 
202.73 
4930 
22201 
/(cm) 61X73 
1(60 6180 
3.2020 
48275 
13010 
2030 
(o) 33300 
270 
6931 
18010 
33880 
1.4334 
488.75 
108865 
20430 

488.75 
21350 

202.75 
14295 
13368 

488.75 
488.75 
361JB 
68538 
388.71 
488.75 
488.75 
9932 
13300 
0.7730 

{ Icom) 985 
nc 15.75 
(T> 1531 


Egyptian E 
Cotaw 

C.FJL Franc 
Ethiopian Birr 
FaHctamf Ides £ 
Danish Kroner 
Fiji S 
Markka 
Frane 

C.FA. Franc 
Lxxal Franc 
C-F.P. Fra* 

C.FA Franc 
Dalasi 
Ostmark 
Deutsche Mark 


/fa) 254.95 
1(F) 30930 
334 
88175 
488.75 
330 


Ghana 

Gbrallar 

Greece - 

Greenland — 

Grenada 

GuadahNpe_ 

Guam 

Guatemula — 

Cubiea .... 

Guinea-Bissau. 
Guyana _____ 

Haiti 

Honduras 

Hong Kong — 

Hungary 

Iceland 

Indte.,.. 

Indonesia 

Iran 

Iraq 

Irish Republic . 
Israel 


Kampuchea _____ 

Kenya 

Kiribati 

Kona (North) 

Korea (South) 

Kuwait 

Laos 

Lebanon 

Lesotho 

Liberia 

LB?ya 

-Uechtannein 

Luxembourg 

Macao ______ 

Madeira 

Malagasy Republic . 

Malawi 

Malaysia 

MaUHve Islands 

Mall Republic 

Malta 

Martkdoue — 

Mauritania 

Mauritius 


Miqwrion 

Monaco 

Mongolia 

Montserrat _____ 
Morocco 

Mozambique 

Namibia _____ 

Nauru 1 Oamls _____ 

Nepal _______ 

Netherlands _____ 

Nether land Anti ties _ 
New Zealand 

Nicaragua 

Niger Republic 

Nigeria 

Norway _ — 

Oman Sultanate of _ 
Pakistan 


CURRENCY 

VALUE OF 
£ STERUNE 

c«g 

257.92 

GAvahar £ 

1.0 

Drachma 

22085 

Danish Krone 

11200Q 

E. Caribbean S 

433 

Local Franc 

9.7775 

U S. s 

18010 

Quetzal 

(78010 

\(F) 43498 

Franc 

54486 

Peso 

104130 

Guyanese 5 

1438 

Gourde 

88050 

Lempira 

32070 

. HJC. S 

128950 

Forint 

77.0540 

Icelandic Krona 

623300 

late Rqxe 

2050 

Rupiah 

266036 

Rial 

11630 

Iraqi Dinar 

03015 

Punt 

18940 

Shekel 

25750 

Lira 

ZZZ3JM 

C3JL. Franc 

488.75 

Jamaican Dollar 

8827 

Yen 

23230 

Jordanian Dinar 

03475 

RM 

WA 

Kenya Shifting 

2620 

Australian $ 

22455 

Won 

13049 

Won 

1302.98 

Kuwaiti Dinar 

0.45325 

New Kip 

96 0350 

Lebanese £ 

22782 

Maud 

32745 

Liberian S 

18010 

Libyan Dinar 

WA 

Swiss Franc 

24325 

Luxenteurg Franc 

60.75 

Pataca 

122800 

Portuguese Escudo 

22930 

M.G. Franc 

1063.75 

Kwacha 

3.6400 

Ringgit 

4.0275 

RnRyra 

112070 

C-FJL Franc 

488.75 

Mol me £ 

03580 

Local Franc 

9.7775 

Ouguiya 

11983 

Mauritian Rupee 

20.45 

Mexican Pen 

/212481 

1214580 

Local Franc 

9.7775 

French Franc 

9.7775 

Tugrik 

53722 

E. Caribbean S 

433 

Dirham 

1335 fag) 

Metical 

32380 

5JL. Rand 

32745 

Australian $ 

22455 

Nepalese Rupee 

3384 

Guilder 

330 

Antillian Guilder 

23818 

M2. S 

27100 

CortBte 

3527.75 

C.FJL Franc 

488.75 

Ndra 

68700 

Norwegian Krone 

U.7350 

Rial Omani 

08165 

Pausua Rupee 

2980 


Panama _____ 
Papua New Guinea . 
Paraguay 


Philippines 

Pitcairn Islands 

Poland - 

Portugal 

Puerto Rico 

Qatar — 

Reunion ls!edebL___ 

Romania 

Rwanda 

St- Christopher 

Si. Helena 

Sc Lucia 

Sl Pierre ■ ■ 

Sl Vincent 

Samoa Americas ___ 

San Marino — 

Sflo Tome A Principe 

Saudi Arabia 

Senegal 

Seychelles 

Sierra Leone 

Singapore 

Solomon islands 

Sarah Republic 

South Africa 

Spam 

Spanish ports In 

North Africa 

Sri Lanka 

Sudan Republic 

Surinam 

Swaziland 

Sweden 

Switzerland 

Syria ________ 

Taiwan ________ 

Tanzania 

Thailand ■ ■ 

Togo Republic 

Tonga Islands 

Trinidad £ Tobago __ 

Tunisia 

Turkey 

Turks & Caicos Islands 

Tuvalu _____ 

Uganda 

Untied Slates _____ 
Uruguay — 

lifted Arab Emirates. 

USSR 

Vanuatu 

Vatican 


Philippine Peso 
ft Sterling 
l New Z e a l a n d S 

— Zloty 

— Escudo 

— U-S.* 

— Qatari RyaJ 

— French Franc 

— Leu 

— Rwanda Franc 

_ 2 Caribbean S 

— Sl Helena £ 

— 2 Caribbean S 

— Local Franc 

— 2 Caribbean S 

— U8. 5 

— Italian Lira 
Ip* Dobra 

— Saudi Ryal 

— C.FJL Franc 

— S. Rupee 

— Leone 

— Singapore % 

— Srtaman is. 5 

— Somali Shilling 
_ Rand 


Peseta 
S.L. Rupee 
Sodaa £ 

S. Guilder 
Lilangeni 
Swedish Krona 
Swiss Fraoc 
Syrian £ 

New Taiwan % 
Tan. Shifting 
Baht 

C.FJL Franc 
Paianga 

Trinidad & Tote. $ 
Tunisian Dinar 
Turkish Lira 
U3. S 
Australian S 
Uganda Shifting 
U-S. S 

Uruguay Peso 
UJLE. Dlriam 
Rouble 
vatu 

Italian Lira 


VALUE OF 
£ STERLING 


/ 513 80 UO) 
1118275 
fexrfo)25.91 
Usi 45.70 
UFn) 3240 
3330 


9.7775 
(N/C) 1636 
13030 


Vietnam 

Virgin Islands u.S. 

Western Samoa 

Yemen (North) 

Yemen (5auh> 

Yugoslavia 

Zaire Republic 

Zambia— _. ... _ 
Zimbabwe 


Dong 
U.S. S 
Taia 
Ryal 

S. Yemen Dinar 
New Y. Dinar 

Zaire 

Kwacha 

Zlntfurinre S 


f(Cm) 38745 
l(Fo) 5.4343 
20275 

20275 
4730 
4802 
28578 
38745 
108275 
2432S 
(e) 62839 
49.950 
10080 
4130 
488.73 
28455 
5.7638 
18346 fag) 
136737 
13010 
28455 
9580 
16010 
353 AS 
5.8915 
18298 
17080 
212380 
f<4> 688 

1 15) 1200 

116) 4635 
(0) 128.16 
16010 
<A) 3.4320 
(A) 1640 fag) 
03500 
1063.94 

18787 
1255 a7l 
269 


(Rate te the transfer market (controlled), tt Now one official rate. (1) Essential goods. <2) Preferential rale for priority imports such as foodstuffs. (41 Prefereraia) rate for Public 
Sector Debt and Essential Imports. (5) Preferential rate. 16) Free rale for tavury imports, renuttanew of money abroad and foreign travel. (7) Parallel rate. (9) Banknote rate (10) Rate 
for exports. (14) Nrarfy ah bnslness transectlom. 115) Nigeria, AaaiM price lor dollar N/A. (16J Bolhrfi, New Currency introanceti {Boliviano, worth In Pesos) Jan 1 1987. n?) Zambia 
Kwacha, set at & Kwacha to Die Dollar, May 5 1987. 


a* - 

9A — 

735-730 7.70-785 

6,’,-6A Wr6>, 

fcll-fcli 


Treasury Bills (seHl; one-month Bj; per cent; three- months 87p per cent; Bank Bills faeH>: one- 
rnomh n per cent; three months BK per cent Treasury Bilk Average tender rate ol discown 
8 7617 Pi- ECGD Fixed Rate Sterling Export Finance. Make up day May 29, 19B7. Agreed rales 
far period June 24 fa July 25. 1987. Scheme I; 1034 px.. Schemr, II & 111: 10.12 p A- Reference 
latefnr period May 1 to May 29, 1987, Scheme IV: 8873 p.c. Local Authority and Fmance Houses 
seven days' notice, others seven days' fined. Finance Houses Base Rale 9 l j p» cent irom June 1. 
1987 - Bar* Deposit R«o for sums at seven days 1 notice 3-3'j per «nt. Certificates ol Tax Detmn 
fSerws 61; Owtos/t £100.000 amt rarer ana under arte mtmu 8 per cent; one-throe monilnfl'a per 
tent: three-six months 9 per «m; su-mne months 94 per cent; nlne-IZ mom ns 9U per cem. Under 
£100.000 8 per cent from June 24, Depouts withdrawn far cash 5 per cent. 


































































































1 ..... 


WORLD MARKETS 



Financial Tliesdav June j^£ 


CE 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
Ltd., in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


NATIONAL AND 
REGIONAL MARKETS 


FRIDAY JUNE 2b 1987 


Figms toparentheses 
show number of stocks 

per grouping 

US 

Dollar 

Index 

Day's 

Change 

% 

Pound 

Sterling 

Index 

Local 

Currency 

Index 

Brass 

Oh. 

Yield 

US 

Dollar 

Index 

Pound 

Serfing 

Index 

Local 

Currency 

Index 

1987 

High 

1987 

Low 

Year 
( ago 

Uppiw) 


15240 

+01 

771 yw 

122.45 

323 

13229 

7SH A9 

12217 

14095 

99.92 

8184 


85.94 

12L39 

+0J0 

73X39 

81.43 

231 

85.92 

7960 


+03 

11171 

113.45 

420 

120.97 

TTijra 

31321 

1 TKW3 

9609 

7985 

9655 

93.92 

8260 

8275 

7125 

8782 

8002 

8038 

8725 

5134 


127^6 

+03 

117:67 

12357 

236 

127.44 

13707 

122.73 

136.17 

moo 


11&29 

-05 

108-86 

11084 

250 

118.95 

10936 

111 7+ 

10035 

12420 
171 93 

9808 

9839 

84.00 

9689 


10633 

+L4 

97.85 

10161 

Z73 

10487 

96.42 


172L 

119^8 

+0.6 

89.46 

9028 

2-02 

9660 

j»m 

9 180 
119.98 

10033 

12130 


+01 

11032 

12016 

226 

119.70 

11006 


130.44 

+05 

12004 


357 

129.76 

11930 

124.76 

13136 



9439 

-01 

9146 

98 20 

LB5 

9952 

9150 

9826 

iun 

94.76 

moo 

9824 

99.72 


147JZ1 

-02 

135.48 

136.09 

050 

14754 

13565 




17130 

+0J. 

15765 

16621 

228 

17101 

15732 

16625 

17255 


25085 

+06 

23085 

36656 

060 

W92B 

22909 

363.71 

268.91 


12L88 

98.47 

+Qjb 

11217 

11420 

366 

12104 

rn vt 


-02 

9062 

8829 

3U7 

9863 

9068 

8909 

10059 

83.93 

10060 

9929 

moo 

JQOjOO 

7359 

100.73 

7838 

7804 

8166 

8939 


13753 

+02 

12657 

12464 

221 

13726 

17f.2h 




14588 

+02 

13425 

14252 

L73 

14561 

13388 

14229 

14588 

186.74 


157 J2 

+02 

14459 

116.45 

354 

15620 

14407 



22296 

+12 

11315 

21760 

334 

12254 

111 75 

12638 

12296 


113.74 

+a4 

30467 

10726 

206 

11330 

10407 

107.01 

12468 

9085 


9928 

+0.7 

9137 

9322 

123 

9858 

HIM 

9280 

10436 


8402 

10086 

10431 


14820 

+0i> 

13639 

13639 

304 

14732 

135-45 

135.45 

151 .46 

9965 


• 125.70 

-05 

11568 

125.70 

228 

126.40 

11621 

126.40 

12668 

100.00 



32159 

+05 

11169 

114J09 

221 

12084 

in .11 

113.42 

171-71 

99.78 

9001 

8024 


14552 

—02 

134.01 

134.91 

066 

145.91 

13406 

13523 

15064 

10080 


136.06 

+01 

125-21 

12660 

L43 

135.94 

124.98 

12652 

14334 

1D0.00 


125 £2 

-05 

115.79 

ixm 

225 

126.45 

iifc* 

1?6?? 



10401 

8451 

9L47 


1363)6 

+01 

12522 

13134 

1799 

135.93 

124.98 

13124 


100.00 


130-40 

-02 

12060 

1!, 53 ,5 

128 

13069 

iTnif. 

12566 

13355 


13133 

-01 

12132 

126.42 

L99 

132.02 

12138 

1DF.A3 

13483 

10000 


124.76 

-01 

11461 

121.53 

225 

12488 

11462 

T?1 <w 

12488 

10000 

97.95 



131.99 

-Cl 

12147 

12637 

200 

13207 

12153 

12656 

134.97 

IOOOO 

9227 



THURSDAY JUKE 25 1987 


DOLLAR INDEX 


AUTHORISED 
UNIT TRUSTS 

Btt Brit 

Abbey Una TsL ifign. (a) 

BO HMtatantRkl BwhkwwJi 
■ rib tacam 

American l irem t, ■■ ■ — J53>» 

CffliRoJW, U 24 

Hi# 138.4 


Brown Sbipley & Go Ltd (iXv) 


FS Investment Manager) Ltd 


"l7P*«*>wRaMirMrAHIb 0444«lZ2tt)3WS 190 W«r GewSL Gln*w 

&S. Ponfd« rn ‘UfcO ” 


0345717373 



■ C A-rore ^ 

EorsneacFM 

EiwwFdd. — — — 

r-nawwi 

trtt" — 

at 

JS2A 

2I7.« 

111 

4B4 


1LD.0 

trtJ, 




RIB 


«m 

Smaller to Fd ha 

a*0 

160,5 



llenta rap AtaMUiattni f""** 

041-3326402 EttWtFW® 



70 ClaUlTKB- 
53 PiHkfJ ra 


tus FkMKy tamtorf Servfct* Ltd 

iofl «S Brrzort Unit Trait Mtat UdWfeXd) »m w^torMw T N9 IDY 
.jji gu HBWbM^PornwS%WHOm 01-935 63SZ «"* «j«h. 

SI ixQ I— ^ . J*£ .X-L** SSffSSmSuSHV 


Unit Trait Mwngen Ltd 

ksks «■»«»» 

0444 412265 . 

s=KSS«J]28 


ma 

m3 


id 


322 

MO 


BvCkAHter Management Co Ltd (a) (c) 

TIe Suck Cadnage, banto EC2P 2JT 0M882868 
FtflcwacTuicit Z2_ T2J 76.' ™. 123 

UconlMBi Ju»eZ2_. 726 77. ... U5 

haenilKJraZS gl 30. 1 J 0 

Ocati umJimB — B9.9 »»-' — 

haraeJ-ezc K0.4 MT. — *55 

manunt|jw»^ 35J 2UL' «... *55 

le urrroft ail J m» Z3— 1660 1731 — , 832 

(Accra Ubjqi .In Z3- OL4 2S12 OJK! 

Strata Ctfijrae 2b — 10U UJJ — 3W 

UcwiUwilJ^fli hTb.9 12UJ — 352 

Borage Unit Trust Mn#ant Ltd 


iT natui - 

&ssH^ 

MlFsllnu) — , 

csaaeo , 





CCL Unit T rests Limited 
Ml 74, SAeptath Base Green. L*,W12B5D 01-7407070 


3 62 

371 

SB 2 

W.I 

«J 

45.; 

2d.« 

zu 

U? 

57. < 

501 

53J 

401 

4SJ 

JOJ 

M.0 

Z7AK 


1M1 

64J 


JTKi 

1RU 

120B 

ia: 

JU 

7712 

50! 

2BUl 


RS 

a oi 

*« i £ 


+oa| 


SSES^ffl?" 

3W 

•Oebm, Oar **“44 


MSI Fran 
Canada G«— 
COPMFvd* 


0708,45322 

H E^ri 


ss ^M»ar lw a ”3 *« 


“ Mb 

♦07 327 
+CJ - 
+04 — 


361 


UK General Trust — B* J 

Octal Trre BSJ 

CS Food Managers United 

it? 125 Hlgtr Hotwrn. UMdor WC1V6PY 

JJ27 rc.MMiF.ta Jtfl M 

13 

MS — 

Lit CS Pcrrtalio Im. Fd. 

l» Canada Lite Umt Trent Mngrs. Ltd 


Robert Renting A Cn Ltd 
aCtodaB ^UnOrn EC2R 7DR 


Tr3 ov 2-bHl#Sj,Pa«l*n 

Dc.Ceo.aman 
CjQ. iKCDK DHL 
Do.lK.uaK 
GAAFttltt. 



Cannon Fund Managers Ltd 
1 (HtiWC War, Went*), HA9 OHS 
Dealing: 06002826 



L 





Hntb Ornttaa 

carnal 

STB 



Ittl Cwrancr Bawl 

«73 


ARM Dunbar Unit Trasti PLC {»XsJ 

Allied Dmtnr Centre, SreadOfl, SN1 1EL iw >u n _i u-nf IU 

«7W28Z«. Deal** <07931 610366 

Corel. 


Tnotj 

Crawdi Aloe Trust. 

fftt+aJ T red 


Base wh*K Dec 33 1W6 - 100 

CopjrighL The Financial Time; GaMmas, Sadn & Co, Wood Mackenzie & Co. Ltd. 1987 
CONSTITUENT CHANCE: Bran Homes has been dotted (US) 

Lrast prices vonaBaUe lor tUs edition- 


EUROPEAN OPTIONS EXCHANGE 


_ja Tints 

jtnmcmtacrecT'a. 1 511 

Hlgn loan* Trial. 

Sen Sees Trm«_ 


BASE LENDING RATES 


Series 

Aug 87 

No* 87 

Feb 88 

uxm 9 

I'f 

last 

VoL 

Lad 

KZ9 

Lad 

Stock MnACnro 9 

GOLD C SMO 
GOLD C S480 
GOLD P S4Z0 
GOLD P $440 

121 

UO 

60 

68 

2D50 

4J0 

350 

850 

87 

12 

23 

177 

m 

45 

S 



SILVER C 
SILVER C 

$700 

$800 

u 

u 

11 

100 

70 


— 




Jnl 87 

Aug 87 

Sep 87 


S/FL C 

FL19S 

I 5 

1 10.90 






FU0605 

me 

FI200 

S 

550 

rere 

rera 


— 


SR C 

FI-205 

19 

230 

100 

3 

1232 

4.40 

m 

SFi. C 

FL210 



2470 

120 

17 

180 


$F1. P 

FL205 

3 

[ 1-70 

302 

350 

2 

450A 

m 


tarn Bad. 


Dec 87 


Mdi 88 


Jon 88 


5/FI C 
VFI C 

smc 

SF1C 
VFI C 
VFt P 
VFI P 
VFI P 


FU90 

FL200 

FT^05 

FI. 210 
F1J215 
FU95 
R200 
FL205 


28 

1480 


830 

b 

3.90 


480 

730 


1490 16^0 


720 

3.60 

430 

*ai 


FL2060S 


BanAntadcr 

Akz Banking Grayp 
tadttlCglSM-M 

AdhvflrfiCaUd 

hwdiMM ■ ... 

BWHendia 

BukLon(UK) 

Bank Craft A Com 

Bart stCffrc 


Baaqpe Beige LUIm 
B bdqiBak- 



6*87 

Oct 87 

Jan 88 


ABN C 

FL500 

467 

36 0 

231 

14 

22 

22 

FI 483 

ABN P 

FI ABO 

17 

060 

105 

9 

60 

760 


AEGON C 

R95 

272 

3 

107 

500 

19 

760 

FI-9560 

AEGON P 

RSO 

42 

060 

234 

2.40 

6 

260B 

AB 

AHOLD C 

FL100 

991 

550 

13 

7J0 



FL10420 

AHOLD P 

FUO0 

147 

130 

4 

4 

_ 



it 

AHOLD C 

F1J00 

131 

550 

tt— 


rare 

_ 

m 

AHOLD P 

Fl.90.90 

40 

0.40 



_ 

_ 



p* 

AKZOC 

FI -150 

wn 

7.40 

908 

1250 

361 

15.40 

FL1S5-60 

AKZO P 

FI440 

65 

020 

492 

1.70 

64 

370 

m 

AMEVC 

R7D 

224 

OM 

52 

2 

16 

350 

F76550 

AMEV P 

FIBS 

28 

1 

61 

3.10 

5 

450 

m 

AMHOC 

FIDO 

698 

150 

488 

380 

79 

S50A 

n.TBDO 

AMRO P 

RSO 

112 

2 

288 

450 

13 


m 

ELSEVIER C 

FL5Z 

339 

2.90 

224 

5-BD 



FI 5350 

ELSEVIER P 

FL52 

47 

070 

300 

2-BO 




GI5T-BR0C.C 

R45 

302 

220 

99 

430 

29 

550 

FI .4660 

GIST-BROC. P 

F1.45 

4 

070 

66 

220 

2 

260 


HEINEKEN c 

FUSO 

59 

4 

26 

930 

2 

12 

FU8050 

HEINEKEN p 

FU70 

321 

050 

18 

350 

1 


M 

H00G0VENS C 

FI AO 

453 

5.40 

322 

7 

4 



H0G0VEN5 P 

FI ,45 

2 

1.40 

236 

2.90 

20 

420 

m 

KLM C 

FL55 

51 

030 

382 

1.70 

% 

2.90 

FLSL40 

KLM P 

FL50 

17 

050 

87 

250 

14 

340 

JB 

NED LLOYD C 

FI 560 

19 

120 

155 

6 

30 

660 

FU5350 

NEOLLOYD P 

FI150 

46 

230 

40 

570 

7 

9-50A 


NAT -NED. C 

FI.75 

38 

1.70 

361 

3D0 

23 

5.90 

FI.7420 

NAT. NED. P 

FL80 

2 

550 

89 

760 



M 

PHILIPS C 

R55 

117 

040 

823 

220 

146 

320 

FL5L90 

PHILIPS P 

FI 50 

B2 

050 

366 

180 

175 



ROYAL DUTCH C 

FL270 

2214 

450 

924 

950 

117 

1290 

FI 26960 

ROYAL DUTCH P 

FI270 

200 

3.70 

328 

9608 

8 

1250 


ROB ECO C 

FU05 

ora 

— - 

2 

150 



FJJ0660 

UNILEVER C 

FL136 

541 

250A 

102 

720 

10 

1020 

FI -13650 

UNILEVER P 

FU132 

166 

0.90 

29 

260 

3 

4.40 



BdctaarfcTdUf 

Brwftid Trad Ltd 

Berlin BskAfi 

Brit Bkolifid East 

dBraiSftbT 

Betas KtgeTa 

CLBadtHederbal 

Canada Panned 
Caver Ltd 


• Ckarferfaef&at.M. 

CitakNA 

City Rentas Bart 

didst* SMt 

Can. BLUE* 

CaealitadCral 

Cfroperaire Brit 


% 

9 

9 

*9 


Cb «b Pop u lar Bk 9 

Duncan Laurie 9 

EqnalVI TstC'ppk 9 

EaterTraBtlM 9? 

Fhadat&Geo.Sec 9 

FHINLFkLCMA 10 

FM Nil Set. Ltd 10 

• Rtfcert Rearing fiCo 9 

Robert Fraser 6 Ptri_ 10 

Ginbadi 9 

Grfndbrstak ft 

• Gmae9sMahjn____ 9 

HFCTnatSorin* 9 

■ WwtwBrii 9 

Heitrie&GaiTsL 9 

• H»Smel {9 


% 

KatBLofKmfl 9 

NaWestatata 9 

Northern Bank Ltd 9 

NormdrGfa.rraa: 9 

PKFwB.UtlUIO 

ftmitdjl T«B Ud__ 
R.bpta&SBB. 
Roibirgbe G'raitee 
HojatBkd! 

Aval Trust 8a# . 

Soft & WObtu Sea 
Standard Diarttresi__ 
Trustee Same B#__ 

imTMorWqeEv »1U 

UdtedBkofKniait— 9 

IMM Mind Bab 

lint) Trust PLC. 

Western Trust-. 


10 

10 

9 

9b 

9 

9 

V 

9 

9 




HflfS 

NLA Ti , 

ml Brtthh Trust-. -g. 

lb) Camul TnKt ,1326 

(,1 DoBjr rrusl 

IflEmnuTna. 

W Far East 

If £!K? £3 

tqi tnri Tma— 

< 0 > Japan Tedt IK — 

lg< Njl Rcmwco Tst 

til StojtMj Trass — 

“ “ >T«. 


UaH Tst 

d«Hnhe Road, CrtmScn 01-606 4355 
7*J> .2-3 ' ~t - 


(MSQM.S».TSt — 


IBt Fond 


Ltd (a) 


Hg SZtterniAunrt^U^SWUlJABOl^lDOO 
isiamu'ieat. 
uuiacmBirt. 

ICU ia> tb*. 
iBiCmbbi 

SS Key Food Managers Ltd faXs) 

3M 35 Fowitain Si, Mandiestw M2 2AF 
Ker EgOtr A Bay M 6 

liar Income Fmul W B 

k«t Cm 6 Fued in 
hevMreer Inc Fd 
KarlrelFd 


— FnrKkkoret 



Co Ud 


Nonli AnmreeU) I3Z0J) 

zw> Capital House Unit Trot Hngn 
_ .. Capital How. Festival Sgoare, ErSntm# 

JS 031-2284477 ^ DetfM 0800 8X3561 

Eoncraa Grerth Tatz) JS4.0 ZlS +04 LOO 

iS? Incnr^ 4 Uro-tti T« £3 3.W 

ova iron Crown Tati) —IT by) 25 S ... am 

“ Jcun Crr»0> TBuTZ_&« 2U -CLS 051 

UK&SSrSl^fzSS S3 ^ IIS Friends Pravittmt IMt Ttats(aXbXcXz) 

041 Cent. Bd. of Fla. of Chatcta of Enqtawtft CBtit SjrM - Safistay. wa. Tet 0722 336202 
‘ 01-5881815 


tart Fraser Tnut Mgt Ud 
l%6l 


29 Atatate V. Lenta W1 
■dvTsL.IJiaj 


at. Fraser (Mel 




LAS IMt Trust Managers Ltd 

93 George St, EttMor# EH2 3JL 
LAS ML GWIfl TH — J4b3 

LASlac&CdiTa -]7JJ 7^3 

LASH amertonTEaabrJjZfl 

LAS UK Eonr Tsr — *35 6Tf 

LAS Jam pb.7 MJ 

LASEinom! W 520g 



2 Fere Street LtaKtan EC2Y5A0 
““ hn FdolMavH _J SU.7S 

™ asafftfa w 

in Charinco/Cb aifa t M tedt 
4J37 33 Ktauwwum Street EC4 

U>7 OmcolKJDMZd 4 XI90 

133 dibirei Ace Jx 2* I fc02J 

2JC7 Cumtnit KJwc^ J 1574 

082 Donna*AccJde2iJ UU 
JS Charities Official forest Food# 
232 2 Fore Street. UawonEC2Y5AQ 

Inara U^r 31. IT 4KL30 I 

3.52 «CT»Mn31.. _1 liUU t 

a«7 Chase Manhattan Foal Mips Ltd 



01-618 5678 MT*-** 

=: 32 fiSSSfciis 

391 

— ZSI Fmtris in Curt* 

ZbFbdar, 5<LEC2A 
1813 creu Wi 
416 trass Jw lfl. 


356 

LU 


Anthony Wider IMt TsL MgmL Ud 
19 WUeffte Se, Lmdm El 7HP 
We«rCreiM.UK__JU9i: 137. 

on. tare. 1 li74i 1404 +1 

Wider Qrtru lac Fa |M7 7U +L< 


, Umaon^ CZV 
i KaHj ai FlBt 

72/73, Bastr^ofl 5t Lmdon EC2V 50P. 01-6066622 _ . . ,,, 

ilcsmcSb __J7bJ gari loss G. A A 1M (i) (U 

■riTSnm Fred 295 m 3 m _ 3 Radrtc* Road. 0 ^»-~xk 



2-10 L & C Unit Trust Management Ltd 

piety Home. CaotfcaU Aw, EC2R 7BE 01-5882800 

LAC let Find Ib615 6740 —.4 

1JB UCHMnN 1 3163 32SJI ‘ 

UO 

135 Lanrentian IMt Tst Mngmnt Ud 

16 BmUnohre Cmv London SWL 014S28 6115. 

CnmnTrcSt hTSD +L4 

NdlHW JU 85 5a +6( 

6647 IsbrajUamlH. - fcj.8 67J 

199 

« Lzzard Brelben & Co Ud 

21 MoorftekJ^ London EC2P 2HT 01-5882721 


01-3771010 Narrow PUn. 




mo imri 


0277227 3 00 
+03 £42 


Clerical Medical Unit Trust Managers Ltd 

am 10800)57331. __ 

. ,2U ZIA ...J t£a fit Ihdt Mtaagen Ltd 

1^? Si Sl 1* Fltai B DemsMe $4 Lrefcei EC2M 4YJ 


Weflpx Brit. Gorp_ 

WliiltBWj Ladla* 

YatSveBrii 


9 

9 

9 

9 

9*2 

9 


Archway IMt Tit Mgs. Ud(>Xe) 

31 Sm Street UmianECZMZQP 070845322 

t |177.7 *L9( ...J £64 

re Pol _ q<7.i bflri — 4 142 

HrertddEmdrH I'M a loon — I 4 jb 


rest 


C-Hmre&Ca 

Hmgbn; & 5laq& 

Ueghrai&SmsLht 

MdM Barit 

• Hagai GrarieU 

Mm Craft top. Ltd- 


• Members of the Accenting | 
Homes Committee. • 7-day 
deposits 496. SawwMe 6MV. 
Top Tier— £2300+ at 3 amnths' 
notke 7.9796. At eaH 
£10,000+ remains deposited. 
tCall deposits El/XX) and over 
4)2*6 grass. 1 Mortgage base rate, 
p Demand deposit 3.99%. 
Mortgage 1L2S%_ 


Artnntgtt Mi 
1 King SL MMNMr M603AH 
ArratpcGrtn Ira I6_iltF7J 
AtamptlaJatU BB2 



061-8320242 
ns4 — ( a.91 
ad HI 5417 


Commercial IMon Trust Managers 
S. HeWi, l Undmtwh, EC3P 3DQ 
Dealing 01-686 9B1B 
CUUK&Geml i S69 

OoAccuri S73 

rn i— ■ krn 


Asset UnH Trust Mtsgrs Ud 
PTiftn Hse. Fendnnh Si. Lcmdoa EC3 
Brawns faodJra 26^4216 
lamre Fml Joe S— JUM 


TOTAL VOLUME IN CONTRACTS: 56,546 
AbA* B-BU 


C-CaO p.PM 


FT CROSSWORD PUZZLE No. 6,365 


DANTE 



ACROSS 

1 Lies self-injured, 5661111110 
dead (8) 

5 Lyrical writer gets the twitch 

(6) 

9 Comprehensive description 
of The Three Blind Usee? (8) 
19 Key batsman? (6) 

12 Character of those who are 
different (5) 

13 French private (5, 4) 

14 Trade organisation about to 
start strUung reach agree- 
ment (6) 

16 Obviously no friend of the 
soil (7) 

19 Goes into new recipes (7) 

21 Copper band used for heal- 
ing (6) 

23 District where great fear 
holds it to your head CD) 

25 Come out with me again and 
have a drink (5) 

26 Little creature of high birth 

( 6 ) 

27 Indoor transport (8) 

28 Had a lean time? (6) 

29 It may be read twice with an 
expression of dismay (4, 4) 

DOWN 

1 Defect in the hose firemen 

use (6) 

2 Yet it may mean a slender 
hope (3, © 

3 Their girders are primed (5) 

4 A spot of illicit drinking (7) 


6 Prospero’s perverted tyrant 

(9) 

7 Dance having beat and 
vigour (5) 

8 Give a name to the new issne 

(8) 

11 Produce a work of art from 
scratch (4) 

15 It’s sinful the silly way Grace 
lies (91 

17 ??. n ? wa y- °ne says, could 
this be to blame (9) 

18 Side path turning into 
Portsmouth’s main road (8) 1 

20 Indicate who's wrong (4) 

21 Foreign money invested In 
sugar crop and pepper (7) 

« Rush to find a vocation (6) 

24 Atypical rascal (5) 

25 It provides seedless apples 
for cooking (5) 

Solution to Puzzle No. &3M 


aaaaaaa aagasau 
□ □ a □ □ 
laaaaa ananaaaaa 
; 3 a a f 3 a a a s 
'□^aaaaaaa aaaaa 
so □. a fl 
33333 aaananacaa 

a a n □ 

laaaspgag saaaa 
a Q a a ra 
aoaaa aaaaaaaaa 

3^2 ca ■ □ 3 □ - t3 Q 

aaaEaaaaaa Haang 
a 33 a □ 3 a a - 
3333333 anaB30 


a 


damn UWtt _ 
AtljBaHi4h<Kra 
AU«aaFflaTK_ 
AcaaUaB 


AUre*UKBre«ii , 

AUmaNm«<n.FtU — I 



Baton Fto Hmupen M (cXjl 

-7 016231212 


Atturtz UnH Managen LU a—: e _^= 

LJoyCs WtKtrf,2 Mill St, Lonton SE1 2ED 01-232 1415 gSjj yS5L-ir- ~T aj 

jta.Fjw£jm I inn 4 iob.9f — J L32 SSrasS^SSreZJraji 

=Jw* m | H S cSuiriTfnat Main LU 


1401 

W5 

1446 

2191 

JOB 

S95 



INVESTOR’S 
GUIDE TO THE 
STOCK MARKET 

by Cordon Cummings 

The *Big Bang' has brought changes that affect the strategy 
and market operations of private investors, both old hands and 
newcomers. Computerised investment trading and advice 
accentuate the need twD-i-Y research, knowledge , aid 
share deaflng to avoid becoming an impersonal cog in robot- 
controled operations. 

Completely revised and updated in the tight of the "Big Bang', 
this edition is the essential handbooks* those who manage 
their personal capital and savings in the stock market The 
author, Gordon Cummings, a chartered accountant, draws on 
over 50 years' experience as an active investor, financial 
commentator and investment advisor to explain the workings 
of the stock market, and how to profit from it the D+Y way; as 
he has done successfully. 

For the new or potential investor, a provides an invaluable 
intnxfuctiontotheprBcfi^andproceduresofthenTarket: 
how to set up and manage an investment portfolio and how to 
make the best use of your capitaL 

Contents 

1 No mystique about (he Stock Exchange 

2 Stocks and shares 

3 The deaBng business 

4 Buying and seflhg 

5 Paper work Is Important 

6 Gats with an edge 

7 Foreigners have a word tor K 

8 Figures matter 

9 Debenture and loan stock priorities 

10 Getting the preference 

11 Sharing the equity 

12 The changing market 

13 Portfolio creation and management 

14 Stock Exchange newcomers 

15 Other Issues 

16 TttBovers and mergers 

17 Some spedaBsed markets 

18 Natural resources -a bask: Investment 

19 Going foreign parts 

20 Investment and unit trusts 

21 Good watch prevents mteforfcne 

22 Those dratted taxes 
Investor's glossary -index 

Published November 19B& 


Pteasa return to: The Marketing Dept, Financial Times 
Business information. 

re i JLL - LU .„. 102 Cterkenwel Road, London EC1M 6SA. 

order form Tet 01 -251 9321 .telex: 23700 

(MofOntaAd&BsaCMyJ 

Waweitop i y Dta in to acw wHiBn yaitoPricaslacitopotaBe an d 

ptaUng. 

Please sand me eopyteoptes* ofNVESTOR'S GUIDE TO THE STOCK* 

■NMCET1213). 

Price ee.SO UK or £1 2AJSS1 7 nerseaB. 

— . Made ottyeble to FT Bustoss 


I endose my Cheque value EAJSS . 


twhh to pay by credtcard (mark ctxrice): 

□ Visa □ Access Q American Express Q Onara 


Card No. 


1 1 1 1 1 1 1 1 1 1 1 1 1 1 i..n 

Cad Expiry Dais - 

*1 wnh to tft» S or more capita. PfasM ssncfmB ctalBOf txA otar (Snouts. 
(BLOCK CAPITALS) 

MnMraM 9 re__ — — 


TVs. 


Oganisaficn. 
Address 


Postcoda. 

SkrxtonL. 


Country- 


Ptouae alow 28 days for dflBvwy Raftmls are given txi books returned in good 
condHon andvrtthln 7 days of recsipL 

nsgistarad Q0ta« Bracken House, 10 Cannon Sheet, London EC4P «Bt 
FtogtaredEnotandNO, 980896. FT 


Bailie Htfwrt ft Co LU 

3 UtoHchi Si, Ed»*ti^* 

Ion Ea joe 17. 


5.91 

L95 

1.95 

307 

aw 


031-2266066 


PO Ben 136 BccLeaham. Kern BR3 

UFEget»lnc JB15 

UXEcti>AkZ . fe"t B7. 

Incil. It A Ax. - jfiJJ 67. 

PrnpSlilacA 

County Unit Trust Managers 
161 Ctereute. Looooo EC2V6EU 

Enw9*rc.. —JblA -6U] 

EnreOworn-Jiu buj 

Zjtra i°g-- 2446 Ma 

.7 27B4 



2 S( Mny Axe, Lreta EC3A BBP 

asu&r*** 

4850 £22 raM 

13 WilCkXI 

23 Ctae*M>UKG«*Tta_J 

£1 “ SfflSiia 

— Eniiaimnra.. .... 

20 FirEreTraUU). 
rued NT*. 

9611 

15 GliMIVlDM) 

15 SdM Stare TrasliJ- 
ZD HcdKdArencnili) 

— Hre l«jra TA. - 
Hen, Kan, T« U> 


m sz&zttfZz 

J49 smcMSkT* 

UK Sm.ca.Rce. Tria -J 

Global Asset 


Bfi Can* A Brand 
BGBnOXiSnmfli 





. meSSfcK^AiirJOj 
030 MMJWIIMJW23J 

Legal A General (Unit Tst. MagrsJ LW 
AAire: 5 Ibrita mad, HutWL Brentwood Eua 
0277 23730a,DntfaglB7T 261010 



Moral Hemmei 
S»Mi«ire Ira 

ti « afsssssS^s 

177 

■*£4 IS Leunlne AdnaWstrattni Ltd 
+23 050 20 Cepdafi Ate, Londnn ECZR 7 JS 


LeaDtaftre— J 277.4 
Uo Attain-— T... 1. 13892 


^ 01-6007596 

39 rJSS 


12StJ*nB‘SPtacC,LttrionSWl 


, — UNUlndU.. 

Hf BAMf AladAo:. 


0060 


'LMunorad 


Baltic Trust Managers LU 

SDCHinrHSi, Lonaon EClY 4T¥ 



SoecmieUnj H490 47603 

Crown Unit Trnst Servkes Ltd 
Crown Name. WokXijCUZnXW 0486224933 

Crown AictnconTu — _J1(£0 151.4 -Oil 0Mb 

CrereCraWreOai — OJS — 

Crown EnraorwiTa 131J 097 +06 — 

Crown GiuwtfTnol J20J 3*0.7 +!■ Zll 

Crown Hre incTm* — HSfl 375! +5J 

Crows IttUttOT* 137.9 MJa -07 

Crown JaaoaeTa tzoaa 213411 -53 


?» ttAMUKSparilnc U9A 

re WGAM UKSDflUl to — 129.4 

CAMtlAnKtalK 043 

CAM N. Antra Accra MM 


CAM F» Eri I PC. ^35 3 


— <**HFjrEaflAcc- 


CAM Prn&CkrWwdrTJ 

OAMPMlSwUW. 


OSJ 


3.94 


tVnwSonMd 


315M 

517 Jm 

mi 

13W 

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14U I 

092 

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tn-taww Ms Bk. unit TriL MngR. LU (a) 

rrt SSftHSJP^ Worn** W 5 mk> 


090J502541 

B-ra- 

LB2 
182 


Do. lAconl — MALI 

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2«LS 

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10LJ 

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a&Cra 

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Bardays Uidcarn LMfaKcXg) 
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Ootom AracOci 
Da. AuSL Act. 

De.Are.IPC.. 

0a.CapitM 
M, Euro Qwia. 
tJo. EwwCwUl 
U wcora tuna T*. 

Do. Lora 
Do-Floa 

Ocl Central ■■■ T {7 978 

Da.MlAFtt.ltt. Inc. _&*0 
Do. Cnrwft Acc — 

DalwraTrua. 

On. ml licone 7ra«. 

Do Jaoon A Cm T* Ac* ^ML7 
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Da InotHID. 

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fl»Sn»CttrvAro bj] 

DaSittrCaiTuioc pB 

DaSoKUlSfU.I*. 

Do.TranceFiH_ 

DO-Um-TrotAa:. 

Do. UmnimOK. 

Do. Wldwlae Tom.— Ji650 
BYttJnMAac.. 

BriUaPCLtK.. 


01-534 5544 
IffiLZW — 


- Gstett (Jain) Halt MsgL LU 
Crusader Umt Tmst Managers Ltd W*«l«euri Horae. 77 Untton Wifi, EC2 

BelWtt. Swrar. BI2BW. 0737242424 . gffi . 1 ”- 5 ” *» . 

tnaaraCrowlA — — |fc48 MU +0.41 UO M- t D A pwJHA jifcu-lB.JI*7 7?A 

Eire SokSA»___J «70 SOX — .j — SSrSSTit 5 - 

f ua r Wfi gql n r - 078 5DX i — rfl n r?.* *'°- 

HUI Ajoettac Cwdi *70 5D0 -J — gggjMr * 

Ptcrlic Crtradu- W] 72 J -ttS 0.40 

ukctoS^S=1bo.7 H ^ 100 graugjrawaji 

ss asset 

UKPttMttotJK- 


01-5885620 


♦ail 400 


4158 

57M 

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si ~ 


029 

029 

ZJ5 

L5S 

US 

307 

109 

ZJO 

231 

321 

9LS1 

175 
2.93 
190 
nm 
nnn 
LD7 

176 
UO 
150 
L2S 
2J3 
DJ3 
0-13 
092 
250 
259 




Dartinfltan Unit Trust Mogt Ltd 

Is BBSMeasP*.* 

Dhnenshwal Trust LU tre*»ai*!5-i 

OhcretiDiray Unit Food Mangos „ 

md S 

lAcon UrAtJ J a m mM ZJi 2.95 GKSlaai UMt Tmt Mrawrs 

BnaraoMf Fuad Mangt Ud MTferanre RAt^MlSb 

20. CopOull Amae, LowJon, EC2 R7PA. 01-5886064. totaidttMnJSJ 

Glto Ctt Fond Ik JaT-3 252Aid —J 244 CnstanSSSowS J1790 

Qra CjaFradta— J 4148 SS33 — J 244 Crarfra iS—T^JaiM 
Ckt jKFttdl K |97J_ ldisre — J 351 Gmfcwn toot tac J25i, 


Os. (tare). 

jM Cre A Racy 3248 

Do. (ArraU — »6«2 

UKtrawTB — JW.4 


711 Do-CAcraO 

L9B WmJdwWeSwdc 
UA 


Deatag 0634 830209 
269J8( +08 218 

♦04 21B 
+0.4 053 
+0.4 D53 
+15 200 
+U 200 
♦19 381 
♦17 301 
+0J 053 
♦05 038 
+22 3J6 
+40 3 la 
♦U DJI 
♦ lit 001 
-105 001 
-10 Od 

-03 056 
-0.4 056 
-07 aoi 
—07 cm 
♦2.7 Ilf, 
+31 lit 
-0-5 103 
-OJ L13 


OB-MareJ. 


4915 

495 

495 

74J 

83.7 

2313 

43*0 

705 

70* 

4125 

0401 

2385 

249A 

1007 

lore 

1289 

1395 

19U 

2015 

349.9 

3915 

73i 

7U 

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M?a 


-03 an 

-03 041 


LmI Anthoritta* Mntnal tnrest TsL* 

2Fww Saw, London £C2V 01-5881815 

• _T 724 
10635 . I “'"J ittS 


L1ZI2 2 Fera Siren Londan EC2V 5AQ 

= fS%T£^i 3 lT ^ 

r«l&SKMlw5ZI 1K56 


Gin Ik FiM Ab— 1B90 
DumenB Unit Tmst Ma—gem 
54 5( Jan« SL London. SW1A LIT 
DmattieclgireGttFdJnO 104. 

Dm~«H Fr+ao, GwOl F4J95.9 102. 

DwWPlG(mtt6wl|iF4_n5.4 101 

DreowllulunClliFilZm.9 101. 

0n>™iSn»reC-i»Ffl_J95.9 MX 

Duma*' SttD GW WJJ.9 ML 

PrerelUKGwuFdZjBU 87 

Dunedin Unit Tst Mug* Ud 
3CIBrliXtt 5<i GdriMi EH2405 
BrtW Growl* T« — —P.965 



n -499 6388 Srofwd Nhin g m United 
— 28B Room HaS, 8*7 A«UnFrtKj,EC2M 

— - ■ }-M MttWoiTnel. 94J • 

— - CroiandAtttmUlTjl — 74J 

— . L49 Orshtol CottiTraO— 1SL9 II 

= g l ‘< 

067 Cmfcwj Jpm TnttUZj 1412 1< 


•U-Httrara. Aouir <**r» loot 4ttta<ora 

iS 55S2 £J l 2 m **2 t * r (T * t “ww 

•** WtatadE Park, E»Ur»5 IDS 


S !L* « «"J5 mm 



4577 Giarfian Bqnd Ex. Unit Mg*. Ltd (aXD 

L4 RofjI Etdww, Londan EC3V 3L5 . 01^8B99(B 1 



WariaardeTcd. 

(AranUttul. 

& weal Meant - 
UareUnOJ. 


Befl Court Fnm Mngt PIC 
U BttndMd StreeL Londan ECai 2LB. 
ForEreem {3110 329. ' 


Enterprlu Food Mvoom Ltd 

9 Quebec Sta*. Lee* LSI ZHA, . OM 

ParUkUKBnon M0 7251 

Ennitabfe Units AdnMstrattan Ud 
Wilton SL. AytttbttT, Bocks, HF21 7QH, 0296 


— —— filLO 
— __J«90 


BUopseMri Progresswe MgmL Co 

1551 James' Place, London SWlA mw 




stratira (aXbXc) ““tas Ltd 

Admin. 5 Rme*» 16— 1 Httlon. Brentwood, g«re. JJSWjHaw, Hraw R«, WonMno 
£«*Hrie02n2Z7300 261010 5 £Jm£m 


Eqiih IT Law Un. Tr. M. (a) (e) 

S( Georges H k, C arparawa SL CarnttT 020! 


Brown Dotpbin IMt Tst ttngn Ud 

56itewrSl, UxdoeEClATOE , 01-2484400 __ 
BrewwCtt41IFd_ _Jm0 323.91 J — FA 

‘ " sSasK si =3 = »» 


BrrttaDMOradFd. 
Bran lot Gib Ik 


Bridge Fond Managers UXc) 

20, Cndtall AtaWC, Lttto EC2» 7PA. 01-588 6064. 



Ittl. fl f umu lnc. . 

Da. Ao. — — _ .... 

DetMtt ‘lues, tm rnw. Aries Are Z3CW2S. 


Dob Trust W—jm Ud 


■ WM 0Hbttda 



F*C_„ , 

F A C Farttawn FdZIL_ 
FAC FhuKnb Fntt -JS93 
FA C Filed Itt Fd 

FACimTftt — nya 

F A C Nana* Ret Fd— -Ep5 
FAC Oienesn lncFd^£h0 
FACUK6rawOFrel_|n6 
f AC UK Inara rrad 
FACUSttwrCaiFdJhU 
FaCUS5reBn-Cbs_jm 

CreiWt F—W 
FACAndn HttAM 

FACEuTOKan 

F&E mused Eaerat 

FACHmaarrtaK 

FACSaaWEAnAna 



4L6 

lAmrelirei 

3127 


S 7 

LtaUttni- — 

960 



Inc. tCra-n, 

lAcosn. IttUU 


fnnlw 

VA 

MS 

Gaolai Hflju 

90.9 

U3 

UB.7 

GbU 

wSeWtteJnneU 

OrmoB Folk 

AnMTOXas. . . 

ZOOB 

HU 

Eirarar, 

SH 

i 

EaTOtam SmaB Cw. 

EwnanK-Tii 

Jrar3... 

easy 1 -" 

3095 

ss 

087 

AmerSoata 

Atter Nrarj In 

aj 

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us HLA Unit Trust Vk,.,,,, , 



VOt 0622 


IS 

2S 

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855 Sgis lm 

-(1215 


CHtAFttltt.. 
touudts 

-H-* 3Sm 


•(w7ta_ZS&M 


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183 
086 
0J7 
173 

.... 127 

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M ?s SBSUSiE 



^ ^3 ds« 

052 Btedkal lunu tuwre ^ ■ l ,. . 

-J ss saatSSS-j.;,* 


€ 




















financial Times Tuesday June 30 1987 


: 

-'.■A* 5 ? 


cv ; 

* i 


Ma ture Fated M an hot 
3) kray Wrtfcraa Si. EC4R 1»5 
<«vbM> _ ioas 
■fcoca>i^ . in i 
OnuviBiartMFanl V B 
IAimM IMU . . . . ms 
A omiua jriCarFa . SJ a 
IJLCa« UMU . . 32 h 

tanWIW^ MJ 

(AOM* IMM ■ JJ D 

fetete»GriMk._ ,1*20 

oni"Wii_. in j 

Einaraa i «nt . jf j 

IIOMUMU 4B3A 

Cov'd 

lAenmUnVU 407 3 

Wl 08.T. 

ucun Until- ids s 

UMMfme ZJm4 

Uamilna'.i i mi 

Htl* IHfvnl Fbm *73 

IMftm U»rJ — 47 7 

(apt loam* Fum___ . 512 

thaam Unit! 517 

l ™ 120J 

ita*.uwi-„ iS3 

htrmtuoul — 3/80 

Ucoxa Umel - JTin 

MM 2138 

lAma Unfa] . 2 ion 

PlDW FO 

lltHilliKlI 52.4 

tSZteuzzzz fti 

UA SmMrr Co'* Fd 510 

i&tun Uf*BJ ._ ho 

Emails, 77 ie£j 

>Un Until — J 545J 


0] ISO TOM 
-04 Obi 
■Ot Dal 
■01 1 77 

■01 ?«7 
+C6 oat 
*06 DM 
: »» 
1 3 30 

• lb 0.72 

• 17. 0T2 
404' lb! 
*0 4: j*; 
♦26; 195 
♦4S 1.95 

■on 745 
■OB 72B 
4L4l D M 
■a* 1 , 1M 
-0-31 an 
-as on 
+03 *8l 
+«J 401 
+0U 358 
*1.1 350 

-lij UO 

■23 120 
±3 DIA 
■fcj] 035 
*oS ojo 
+ 0(J OiO 
*0^ 710 

♦1.0, no 

• 0g 183 
+0J J03 
~ \ 221 
_J 223 


Prudential Unit Tran Mngrs Ltd (j) (b) (c) 

51 b4 motdMiii iflord t-.r> id: /Di 01-4783371 
MvtHvi. ;-«!■>+ PBCiO 613345 


Mmt»C«mnIii IMU sJ 7 " .01 017 
Hcfearw Lt*Mr Wmw TUT 75 6*f +DO 141 

•»<*««• Lb»i| lil . 56’ 5 bihj. *js 2 14 

•*xlvxC,~iij^p.T-i .1102 li.'.’nn *j>* 0b7 
♦mom C-a T-.t . ?i*v ;?** _?H jjt 

*WM.«H*4bl«Ti1 . hb 0 99*3 47* 

Wtaha. imi arm 7 ,| ..III 7 I Ulfl .Oil 07 

Waiaota Dtir . M -j ,157 S IOJK -?ij 004 

trw 74 _|«0 VJ M -flfl on 

Hgn»r*5.*co-.i,i_ri?M «oi rra i« 

■UMnCcnUtM — -94? 105 >3 +oB ijb 

KciComUkGfDamlu. JiiM L 2?0 *01< 153 

Quitter Management Co Ltd 

?l-45Gintwii Siren, LanHnEC? 014004177 

Divmtn Id |«+l 1*7 4| *BJ4 157 

*M»aB|iacanw..___J332l JKju *jjl 40? 

ObdUEIOI FiaJ 444 Q 474 J. +741 104 

<6iidfan(S|rt-5.u Ja»0 4532 ,7.5 1.45 

Reliance Unit Mgn. Ltd 

Ptianv Hme, 7w«n«r Wells Km OBKSWm 

BnuAUIr. . . J!+00 2544 .141 224 

LW ItllmpbU IJi « .jfl 184 

(Murat Ulln I4ai_ J2215 23551 .23) 185 

Renitnirq Fund Managers 

SUUwt Ct, THhdan' Su. Uictpari. 051-227 2030 

imcma. Orwtn frnu SO J S2.T! .oji 18 

K-M. Rottuduld Fmd Mgmt 

Si Sn«Mif t Umc. LoMm EC4 01434 ywi'a 

IKtathHliti |32«.l 34SJJ +L0 ODD 

KCtomilUl 35*. J 37n* +m m 

«C MIC FA .... - MS. 7 1337 *11 2JU 

VC JjjunFt 2012 714t .14 _ 

uceojorUKCwFa—, 7i.7 7 Um *oj ija 

MC 5nrtir OtolraUui. _ 84 1 MI *14 48 

UC SmRiCudoo CaTa 48b 51.7 +0J DW 

NCSKuMcrCn 23L5 MU .14 .43 

WSMbrEmw- 192b 204J .18 +* 

kcpiw Him i m3 lu 


HetfiipoNbn UdK Tmst Mngrs LU 

J Darfcn Lane, Pw*n B*» EN6 1*J. 0717745184 

LKMcaarFwd _U4 b4.7f -0J 4b4 

UennUom — H_ZjW0 U7 _rt 1 im 

gjsrn^FmiAterEa m. 3 in 

^&ra=fiS mi HI oil 

MMtaDd Bank Gnop UT Mngn. Ltd 

tSTotm ISSi**” * ^ ***** 51 »* 

i 15 ?^ =■ US 

L { Ski iS 

2bS 13*1 .. 130 

352b 1*13 130 

738 7BJ .... b3b 

Kb 45 1 bja 

55J 57 7 t'm 

'»4 ino7 _ a.m 

214.7 227 7 4 JO 

»U 4021 430 

■raw* 245 7 M2 .... 2 76 

Uanunu <118 416.4 27a 

MUM^aSiUT S6J M2 .... un 

Da. tent. 56J S9b . . 1*8 

4Dbi M Pjtllc 3524 3718 .19 

(ACOUtUMi) imj 392-7 .. 39 

lbM|r«POflUl»Aa_ M3 720 ... LM 

HcrtkAUEnua 127+ 11SI .. Ui 

«*am Will 1A18 1633 1JS 

Smtr’On— 1965 203.4 1.14 

lAee— Uaml- . IZ1IJ 22ijj U4 

HIM Britannia Unit Tit Mgn Ltd (aXcJtg) 

74-78 Flaanrr Pnenro. Uxn EC2A UO 
DnUbo Callhr* 0000 010733. 

■X StttMM Tnub , 

CibrfiUl 1 63.4 M.< -0 1( 0J6 

Besssssj a] n 

fArcum UlUU - -_J 1S2J uj-9 .1# 03b 

(WOl FuUi 

IMKiUn^j 679 72.41 *4Ld 121 

fcabIWi— *__J67.9 72.5 L21 

Mbovcd ins rasa (M3 W.9l -0 JJ L04 

UKGraMb ZU54.9 «1 j3 D93 


'tiiMihurtKi lM Tnrii 

Rowan Unit Tmt Moot, (a) 

33, Kjbj Wtaun SL Landoa EC4R 96S 01-638 567B 

Urriii Juat b Ib048 bird . T 135 


Standard Lite Tran Mqml. LU 

» Oorai- St Fiwtooun tH22*2 0800 393777 

U.W+9nl I'lIU Ait 314 ?1 4> 1 6? 

U> LotalrOm lu«« Jb7 J90, tOV J 7| 

L'b [wir Hiqnlot Ira . JV 7 JBffl .Oil 

Ur ibnlvCwi 7u Art. .191 41 n * 6J lb. 

U4 fuoili Qrn 7n Inc _ MS 3b Pj *41 1 I Hn 

C-h b r.e In, 7J ik . 2t. 7 “6S -0 4 t94 

W*b*<l'4l«_ JQ1 V2I r-02 0.31 

Fb Coil Tra-4 Arc *6 412] -Oil DR' 

6iiB|MTiua6c.-. It it 29 bi -a i ■+ 


Stewart Ivary Unit Trust 
45 Clurtaoe Sq, Edoaurqli 

bm-u-H. f ,-rf [241.0 

IhIM Ubl-J 272 3 

IUiiiaba+jl UM11 10J 7 

P+*mbiE>r*«ibalb..[)5Dbb 

bnrbbFHU | BUI 

(Aim Umu ,_ m _ 192.| 

BnmnFuM 4198 

lA+cora. Uni'll IJ73J3 

E Kin an Final 12162 

Ww U-WU MJ 

MbFiW 767 

FAhMa. Unili' - 772 

5rm PPP iv a 15l _ J222. ■ 


Mgn Ltd (a) 

03)226 3271 


”04j l«l 
I4H 
*4 4 o» 


.18 039 
*: 1 034 
-1 J 023 
-22 021 


. 01-6006222 Jz'Z&Z 

5| :y = stss." 

3 M - a 

2 *611 — UjMkrt K 


Royal Bank of Canada Fds. 
Rbc Trait Mbnm IMM. 

1. LondDn WjiH. Lcnoon EC29 5JX. 
PCC5.iK1bnaAa_.j820 B7?i 

RCCSbKiiKbvr B- I 87 if 

ROC 5UKI ik «« jSJ I B9 < 

RBC>lrr4.Aaimug.C28 5b U 

RBCSdraiDML !» 7 M2i 


Royal Life Fd Mgml LU 

POBnr34 PncrOanogh PE20UE. 0733230000 

E**mTnri MB 89 M 41> 105 

IMi+nnamb Tml 9J 4 96 7] -0.1 093 

UMMI 5ulH T/ao 191 41 V tOI OH 

P jfl* Bum 571 M4, -0.4 0 1b 

CnTrwJ 27 0 ^4 41 18 

Fqwtr CMtn Ion 2708 28661 *57 QBb 

EojiryCrMBUnl 1098 2C0.9I .25 08b 

Ira Acorn 14b I 15b a .13 1J79 

Hra<Mc(M 1221 129 jj +04 109 

USCnMUVcua tJOi 729] 81 DM 

U5 Crank UO 671 71.11 418 084 


EitralKonc 
tawl 

HUHoUHiwiiKaa 

PiMnw a»^i 
Soeut Spatial hi 


Prepnir SHati 
Uamrrul Eurrtr 



77.4 B3.1 

»8 272 

2905 309.9k 

2718 2B1.1 

202 — ' 


1463 209.4k 

628 66.7k 

702 84 Ju 

BE 3 67.) 

8 17.4 

112.4 1341 

613 lAJi 

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itn n m. t 3 


Far EoB 
Fimbbo+ta 
AscanUOU. 
HonrSbif^ 


AamUaKi 
J hpbiSm l 

bta l Hiqb I 

(Aron >JM 



*03 486 

-63 BM 

+23 287 
.531 3JS 
+00I BJ9 

*3Ub| 031 
.04 0_9I 

+23 080 
.2.4 QUO 
8 1 000 
♦27 DOT 
*14 045 
■oil 024 


*(U 141 

+d« 080 

■MU 0(0 
♦ U "83 
+0< D4B 
■Mil 0.48 
MU1 084 
-1C 083 

+18 DJ9 
.18 0.79 
+ QC L6J 
■03 0.45 

■MU D40 
-21 000 
-22 080 
■03 080 


Raya] London Unit Tit Mgrs LU 

Roval Lon Hie. Cabmur CQ1 IRA (CObSTUlS 

AiamuaCranb 1004 106 4 0(5 

ErowCiMk 50.5 438 .. 0.93 

Mirw 583 612a 845 

H»4* Incov 1136 12U9K .. 426 

incsw & Cnanb 1362 1449 .. 484 

hoi (atom !»5 2 68 4b 438 

Japan Crawtk .121 7 1295 003 

SpruUSw 1738 184 7 ... 029 

UkCmOi Ml 16821 ... L4S 


Royal Trust Fund Manageoient 

IFbnBur? 5q. EC2A 1RT 

UM DCOM 01638 2531 

CjouiI F ami Jw 16 __ 3418 3643 

tJp&A CxMU 111 096 45] 

tnaaaMMrJ 102B 109 j 

Cob*i lacanr Faod ui_ 1192 1268 

(AtomUacI ■ 2B66 MW 1 

F«bur6Prapot»Ul_ 122.6 1104 

Hqbwnaui 1044 1163m 

I Aetna Until 3023 3218m 

lKsnaFMMJbatl5_ 2653 779.7 

bwitnnrb; 1020 1025 

(AcaataDamlKI ... 1053 U2M 

lOPl Etraqa Iiaj29_ 3181 325? 

NonkbMC 2895 3042 

PrrfrrmctlU 353 37 < 

FradA CanwfLFwal_ 5S.7 62 i 

lArmmllaau 103.4 lUOl 

PbPhcBajlaFaAa 1868 148 71 

Da6*bwmraNi 94.7 uo.n 

UnNCaawnFoul. 111.9 Il9jd 

1 Occam UaaO — JU19 129+] 

FmUw PwttaOo 

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HMQKomUl 585 68 6 

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inrni 1138 117.4 

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CjaMaUI 535 55 4 

CmmMWbnUl - Mia 625 

Com Irl 59b 61.7 

Snaaan6MManljJ_IS&8 60.9 

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ka*tb Animtl bb.9 71 1] +0.4 079 

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Euraoen. S62 V9 7] +0( I 40 

EvmlKsnr J>35 78 baa .111 35b 

Sen Lite •( Canada (Ml Mgn LU 
Btsiavnm, BaWWokr. IIM5 0ZSbM]«4 

UKlKbmr^ J 36 1 JSJrd ....I 2.40 

Ur Gram* Fad — J»J 375] .154 

Woridvak Grwtk Fd ._] 25 S 27jl 8 ll L39 

Sun Life Trust MgaaL Lid 
101.CMM5LUnaa*EC4H5AO 014066010 

Uan6mno n.l 358] 00 

6amc»b«M«a. . 16 7 39 H -0.1 10 

Wrnar I ne w Ui 34 4 16 5] 50 

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Enoarbi Intoow An _ M4 30 7j +0 7 324 

Unjorw Haw* ik — W l 307] .07 125 

Fa E jb CrnHln An 7b 1 UO 41 -a I 01 

labnlilu 111 52 u] -a I L5 

JapoaCmnaAa — ...975 930| -21 dd 

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UHUaMl 52 6 559 ( .04 50 

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UbUKdCm+thAu.... b90M 73« Mil 20 

Ujt+nHrtiimiK »M 74 1] .01 50 

Mwiyd iKPaarlK- .158 M bill +DW 48 

Swbt Ulr Pen. T*L Man. Co Ltd (aXc) 
99-101 Loodon Pa. icvmaalri 07)2 400161 

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Cam, ACC.* T*622 409 Oa _ 1 280 

r.irrHK.Om.1 1123 b 128 0+ . 1 9 77 

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■Piica oa hmr 10 Nnl arabag Mr B. 

IPncn m Jonr i Hra dulng Jan I L 

TSB Unit Trusts (61 (e) (y) 

CBjrlun Plar*. A atnrr, HanaKtum 5 PI 0 IRE 

Trl 026456784 Drjl»»iqlUb4 6M)2-M 

TSB Aaa+Kbt mo 141 4 .07 0A4 

Da Aruai. 159b 1485 +D7 089 

TSB Bn Growth. 681 72 1 Mil 178 

Oa.Acuai 68* 73 2 -ML? L7B 

TSBEaKVCM Vr.a 63.1 +08 0.96 

06 ACCbm 60 0 63 1 *08 0.9b 

TSB CalrA imw 111 1IW.9 .22 162 

DataPOl JOl.O 220 2 *2 6 162 

T'jBCrornl 2186 2325 +05 2 14 

Do Acorn 3640 3872 *1J 219 

T5B 1541 6 Fid bR 445 515 -0 5 857 

Do (mb 69J 72.1 -05 557 

TSB mar 3028 3221m +18 3.14 

Da Arena 486 9 5174 *25 319 

TSBPjcdic 2268 2410m -23 0.11 

Da Accnra 23*5 2497 -27 Dll 

TSB Hn4rm 305.4 404.9 -OB 089 

D0.ACCHB. *805 SIM -04 0b4 

TSB Nibrd Rnonn... 77.7 S2( +J.7 1.17 

DuMM 013 862 411 L17 

TSB-JtraObJv 938 995 ♦ LC 150 

Datan i HMO llOtJ *lJl 150 

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31 Homer R*. SaMOT, B41 3QA 01-9283356 

SrajHCa^Fim) 837 8&9l *23 — 


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rs. LM (aX9) 
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busier Homs Arlftir St. EMH0SH 01-6Z310SO 

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163 Hope SUeec Glasgow IB 
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07Q5B27733 
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Ei»'.i» 11126 7 HBb 1 +69| - 

Sr+niir (3127 3292 +! I — 

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5eCbih„ 1364 0 3032 — 

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Airaritja ZTbJl 7 zks! -|jj — 

*»+■ e»5.4 Jlljl — (J — 

Aetna Lite Imurance Co Ltd 

401 r j jam Si, Lonaan E C 1 v «QE D1-013ZXO 

Lda rmi |hb»m>lar Uattl) 

i«Winrt_ Mil 11 7C +001 — 

Brv —.13 01 U« -00« - 

w— * loss 1771 +ticm — 

B+4 15 03 350] +Q.B7 — 

SU4 1494 15 71 *00(1 — 

c<4[a*m um -boa _ 

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Honk Aiarriua 1013 1057 *001 — 

Emvcrbi 440 590 *002 - 

Prapnl, . ... 12 06 1?7(S +013 — 

In**-' UAH 4 ■« Id 07 -0 02 — 

FjrEOT»tti 41088 I! 23 +012 — 

Ur. Emil,.. 1321 U7I .DW — 

F.rea IMPTM .Wad 10.44 -0071 — 

Fniln Food* (AnmiblM IMM 

SOKTHH :i> 16 12M +P0I — 

D*ar 15 10 15w£ -0 Ifl — 

CM — ?101 221« +DJbl 

M«k- IBM 10 91 .tuq - 

Mm IBM lfl.95 +D 15 — 

Cd l-EHrd 12J7 — 0 14 - 

D«»iK J0B3 1L3E +0U1 — 

(bait* Aiaprcia . 1032 111 07 +OOl| — 

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IAJPi Ltn+ed 45*1 1009 -008 — 

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riiMiarmi JlPlU 10 64J -OJM — 

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■Uk-Eava. 1 12J7 -034 — 

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Mj*niBM4 -42328 2J4D *U — 

luiMt.-. .1225 1 437 0 .IX — 

Ppa *Laii4Pfl lAcu (2810 7+5X *21 — 

Brawl Fond DMA (60S +0 5 — 

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CaniwnCMbU Tj I] 348 14I.il +3bl — 

Albany Life Assurance Cn Ltd 
3 Darltt-t Ljar, Pourr, Bar EN6 1AJ 070742311 

E4Wt,FdAui/l J944 3 9939 +40 - 

CWK*MFilAccawui £‘136 274 B +03 — 

FnMIn.taLil. .. 031 ? 3183 +03 — 

cm Maori F a Ac l>1 BI03 221 J — 

Iml Mm Fd AunlnI7p67 4 386 7 .04 — 

MiFmi«Faauiu D969 2072 .. . — 

JwoaFmOL'i C490 3152 -02 - 

N61 AramcBi Fa Aalrl.IlBl 1 1906 +08 — 

Pra«L FDAca l.-l 1220 4 314 ... — 

UMiMPia AO.UI 36244 667 J +2S — 

FmlH FM 

EaPrn Fd Aai.’l 14007 20008 +13L7 — 

EmFoAcciC 2H6B 3000 +OJ — 

fiwalM AK.ni >112 6433 +03 — 

OUwPotadJ- 1539 3724 +0.1 — 

Inn Ma* rain ib!3 597 C +IJ - 

XoPmFdAccin (55.7 4790 -02 — 

NAwPnFdAccL'l 716 1 277.! *10 — 

Praam rt(l 1280 345 7 — 

S2630 132991 ■+*.« — 

PnMPntra 10X3 *0.4 — 

Whim __Jll9.l- 12541 +aa - 

ASM Ountar Assmaec Pfe 

AJUfd DeMwi Cn, SwWdw &N1 1CL 079328391 

F-miai.Deo.Aa. |?)21 244.0 I — 

Ewm+Acc 6370 

PnKerteAa 136 4 

FjrLmArr 1104 

CwknbACC — . EJJ 

U+W+Au 60*0 

Mma+pOCw 3b58 

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C<k EagmAcc 2914 

Anrnua LaaQr Act 3936 

Arwirj. Um Ayr _ 1M J 

AimraiwPraaAcc 1218 

PenF I DmCw 2558 

PmF I Den Act 4»4 


Cannon Assurance Ud (i) 

I ttynadt War Wemttry HA40N8 01-91 
2nd 5om Ute A kiww I i— 

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btvcNM 787 8 504* +0. 

Unurnc 1149 121 j *D 

knu. 1812 191,3 +0 

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li>0r» ■■■.-. 113J 114 

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6kdai -3lOM U5 

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Ml Cmraa B«nl 1140 MOji *«» — 

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Cmtaaa Unit Assurance Ltd 

2-6 Pnacpid Walts fttBo u nmno ral i 0202767655 




Mu FdaOi 

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Pnpmrtldb 1 2309 

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Bbi 0 Rnrvd Bern 194 0 

UwntJoWMouFd — 147 0 

MD-rrUArkn Fd 112 0 

Imr-jracid Strumy Fd - 1150 

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140C ... — 

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Srnuy Home, 500 AmBwy boriranL &uon Saw WeM, 

Ora Ml bon Kqncs UK9 2LA 

Correal Sarin 

Praperir fmta l?bt HU — — 

Hear, Food 235 2 247A .. — 

MaameriFmd 50*8 531J +D — 

£au«, Food J55.7 3743 +12 - 

F.wdlaireMFvad.— I6L2 1T0J -OJ — 

FvUIFmI 3MJ 278J *H — 

Karin AmKOd FkA 1948 210 X -L6 — 

luBrtWo-.rwi. aCttfl 2UJ +z 1 — 

Peonoa Kjojora Fuad- «8b 1 811.1 +li — 

Penan Eon, Fond 3688 387.5 *23 — 

PenumFimdlK 1*53 l S3J -L7 — 

Ptnvau Eiarnr v KNJ 114.9 +ai — 

Prauoa, HR, 1094 1152 —OJ — 

Prm Adwatwaib U9d_ LM5 141b ... — 

Ptnawi BjUKM »9d— U2.0 139J — 

Pen CanarmUW Mad_ 126.4 133J . . — 

Mednu Mmd Fd _ 181.4 1110 -+0(1 — 

BanccdUmFa 1724 1PJ8 +OB — 

CvKnaiiae Mawl fo_ 1702 1958 — 

Ejaapaaa Fowl 129.7 1366 +12 — 

kxrmttWW Fnafl Ubl.0 1695 *Od — 

Far adm prices pMuc iili|8nai 0906 690668 

Clerical MedicaVFUeBty Menatisnattz) 

Hanow PLUa. BrtOOl BS20JH 0272290666 


Eagle Star Insurance Co Ltd 

Bun Hoad, CMteidwm 6153 TUI ,0242222311 

SeonFurn [1072 132.9] -...( ZJO 

aurClWpFl»«J._ 155 6 I61B -0.4 — 

MbimctFob 1020 1412] *0-3 — 

A5mm Fm iblb 19i.« +l* _ 

PmkunSfVa* W? MS A *01 1 — 

Peovoo, Bbw Om — — 122B U9J| -OS — 

Pemum Perlorauer _ 1196 125.9] +0(1 — 

Prawn AdwWLWM_ 120.9 133 U +1J1 — 

Peovoa WM PRA0--AOS.4 114-2 -CLH _ 

Eagle Star iBivJHMbnd Aunr. 

1 TBnrxdoeetRe Si. LobMa EC2 . 01-5*1212 
Eigttitl kl Um 1217.7 223(J +Ui 389 

Ecenondc Insnrance Company Ud 
Loaopa Ud, 5HttaglMoiiic, MOO 1PE 0795J432J 

HmMd 11072 112' -. — 

Funs lama >6.7 30U . — 

Ematy. UL1 117.C — 

OrarauLEiWTr-, 1022 M76 - 

Moarr. »0 1001 — 

Pnbilmnd _UL2 U7J . — — 

Pm FnalaUfuL. — 174 M26 — 

PmEipdtr — U53 13J — — 

PmOanmlmdly — 10*3 1090 — 


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2 Mgntrftoe Rant Mote. SN5 15E . 0273) 

BUM* Sot. Lubed 1«2 '“«• ' 

Do tan. __|7T|U4J 

Cask I aaud. 13L4 

Do. Aceaw. 3 179.4 

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Mnijn meJ Home, Klaiaaood, Tidwertt. Soney 07373 
53450 Ea 4660 
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Growth ft Sec. Ufe Asset. Sac. Ltd 
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Fla 4de Flam— J 214.78 | __ J - 

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EqattuMe Life Assurance Society 

Wpboa SL Asledwiy Bads HP21 70W. 029659310) 

Far Eoaora - ‘06 XBB -li — 

Faol la* Tas 758 1"*7 +(U — 

GlkS Fumut 1240 1310 — 

mi1M*r. ■ ■ 20L3 2JL4 *U — 

lanSraMk— — 120.4 1273 HU — 

tt= y — = ft! ^ z 

Ham Aiaeman 129.4 1302 +ox — 

PMaa— 1906 2006 +L< — 

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teoHSb 2023 212.1 +U — 

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6.66 Sir Fd... I 16J2D4 I „..J — 

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SSdtataSmP 01-2837101 


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HU* +152 3-11 

4132 +92 287 

080k 092 DM 

299J -32 328 

2443 *» L72 


NPO Mutual Uut Mangm Ltd 
35FMMSVHnbederK2AF OU-ZMSMB 
ArvaEw.tr 19*8 89.4 — I L57 


NM Schrader Unit Trust Magn 

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WPIOKUiDia >706 7135 +«< 10 

l4cDorlw>_ B76 fl *52 LD 

NPIUKDm 2070 3C40V +04 LB 

llamlWH *730 5039 +OJ L0 

NPI WarHhridr AmbCJUlT 7L0 +061 16 

Norwich Unit Trust Managers 
P0 3u4.Non*afiHR13NC 0603622200 

CmpTsl.Fudl- 116624 J7*9d .7J| 242 

Cram had Tu-Fd 1MB 158.7] +0.11 81 

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28 SI Andreon &a EdoharyB ,031-5509101 

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16 FtaUary CbaB, London, EC2M 70J 01-374 4595. 
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4, Fm Sneei Laadoa, EC2 . 01-9209120 

pKEiBEMTatn 0743 IBjid .... J =4 

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pys EaUbA rp Aoi FV— 1498 52-0 _ -J — 

Dbauki t^r Wid •Drdnw d*r Tinas. 

Pearl Trust Managers Ltd (aKg) 

+52HI9k Holbore, WC1V 7EB 01-405B44I 

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Scottish Life lnvntments(z) 

14 St Aodrew 54 EiUnDbrnh 0312S2211 

'"■'■>■+ pB«9 77h 9j +0-5] 107 

+ — — p 7n i lazrt +05] 1.13 

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10951 VincerK 5l 6lasowiG25HH 041-1480100 

Eoraprn 208.4 2212 + 0.6 Ufi 

GJU& Firm IK 1230 131J -LJ 7.97 

Ir^— ■— t.— i J298 137 J -03 LD3 

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p+cric 2283 M2.9 -5-1 OJB 

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Scottish Provident luv. HgL Ud 
6 St Andrew Sq, EdkiBorpi 2 Q31-5509181 

Ksfes— = m j * aa 

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Scottish Util Managers 

48 MeMie Stnn, EdoWurghEMI 7HF (01-226 4372 

Pack* Fondlu ! I960 9l0i O.U — 

World Cra. lb — *69 493 -a. Jb 

Norrb AOKrasaUl— - 373 99-3 +00 07 

licaw rang 633 67.71 *03 3X3 

Earaaeraiii *7J SQj] +0.9 1J7 

Nuda+rtoa lac Ul- — +02 Z.+1 

UK Grown — — +J-> L« 

fin lawr L IdAB D(] +0jl 3J2 

Scottish Widows' Fund Management 
P08o« 902i EdMaro6EH165BU 031-6683724 

Peg Ea An — )^4 «■’ +f°| 

Ph [ a ik — 3201 3*7[ +L7j 2.42 

Prq Hp Ik Ace 175.1 ^4 +lrt 409 

Peg High In. 1670 1TB C +0.3 *09 

ProEWMrAa, 1510 1*0.4 +?3 L44 

pmEiraa+lK 1500 154.7 ♦!« L44 

PtqN An+ 1170 17*1 -08^ U* 

PrnN.AMflK 115.7 ins U4 

Pr^Pfed+Acc 2 «| 26&S ^7Ji — 

Pe+GMUIAcc 1528 XJgJ -DJ^ L« 

P^ GUAM UK J1514 1M0I -SS L47 

Sentinel Funds Mngraat Ltd 
30 City Raul Ltndoa EC 1 Y 2AV 01-638 60Z1 

Dealing: 01-628 662b 

A**r*»Hlta|»l,—; 

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EjewraaGroMI- 
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liwGimn Fd— . 

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Pacific Fund 
5 enetaaA 
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UKCMOUFasd 

UHToolflQMjaraVri 

Smith ft WHUamna Unit Trust Mogrt 
lRi 5 bi^H 669 PSl,Lon*», W1A5AS 01-8375377 

SiWAnenU* 4175.; W-!| — • OJ? 

SIWGrwrtbTml— ijjLl M „J 10 

s t W rK 6 *ir Traa— JW0 M54 ...J 4|5 

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— — ffJ ■■ I — 

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Touche. Remnant IMt Trust Magt Ltd 
MemaWHx, 2 Puddle Dock. EC4 01-2481250 
TRAirarlcanEnMb — 162 49.1 -OJ 034 

TV Lara Sow S*» Ace— S0 Z6J +02 0.44 

UEoraSiwcSinlK— 250 au +00 0.44 

TRGevnWGnwW 7BX 83( +DJ L3? 

TP £1*611 Trek JJ 660 +0 1 a 10 

TH Inranr Gram* 17.7 ‘5.4 +0+ 417 

TP lacarae Maraki, li.7 67X *03 566 

TRJraMGranm 04 60Ai -1.1 016 

TUDriimsGraMl 5BJ bZJDe +0J 0.72 

TRSarahrCas 1078 1147 .10 LM 

TR Statute 13U 1391 +1* 102 

TRUUlEenFnaAcc-. 32J 34J -OJ 01b 

TP Uqd Laultf Pua la -KJ 34(3 -Oil 206 

Trades Union Unit Trust Managers 

100 Wood Stomt, Londra EC2 . (0-6864355 

TUUTJraelBJ (2288 24001 173 

Triton Fd Mngrs. Ltd. 

Ratal Ldr. Hie. ColdiraeiCOl IRA _ 0206,44155 
7rU« General— -0849 1968( 1 109 

TyudaB Unit Trust Managers limited 

21/24 Cbrt+eO Si LMMI EX1V4TU 010565001/20 

CoraemMrAGenT |6*J .TOd . J 66« 

— . -_K.9 UL4 +08] 401 

SnaderCorc— .—11110 11B2| +ifl UB 

UkGraott 111 6.7 124X1 +3JJ UB 

UK Provident Unit Trust Managers Ltd 

UK Hub*. CasUe Sl S+frtbarySPl 35H 0722336242 
UK Eqooy 0670 17701 +0.91 1062 

Unit Trust Ar count ft Mgmt Ltd 

20, CmUoU AvMvr, Loodeq, EC2R 7 PA. 01-588 (064. 

Adriurs Hw8et5BB CxoBhwane LuL 

FnaisHi* era Ftt_j??70 24Ld _ 147 

Friars Hie IK Fd___J 1323 18L41 — J 387 

United Charities Unit Trusts (aKcXg) 

Uidcom Hse. 252 RddVord Rd, EC. . 01-5345544 
UoiMOunun U«3 206*d — J 350 

Vanguard Tract Managers Ud 

65 HoJbeni Viaduct. Lsndn EC1A 2EU 00-2363053 

Dealing Line: 01-236 2468 

Abiaaraa Pdbi Ascais — mU 10? 

ua+aUnXsi — (i BL* 20M ._. 102 

Fji EJM 6 Den JM 62.1 -U — 

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nun iSL—WW HLB87 +0360 216 

lAuen (IWJ — B0X39 B2X92 +OJ65 210 

Aaieiura £ Cm— - hRB 7J0 +0J L37 

Hrr-r Wei -1*1 73.9 +03 157 

Crqaije — —PW3 275 J *IJ 102 

lAuran UUS) BS4.7 490 +2J L22 

HebYlrta - Ul.i 9 932.9 +3J 847 

f<EraU+S7ZIZZjtei0 3*5* .30 317 

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, K,J m2 +L1 188 

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S^uraiil... H7J 553 +071 0J5 

Ward ley Unit Trust Managers Ud (a) 

99, BMuKpaie, LoaMn. EC2P 2LA. 01-6264411 

Oraencaa TK ... — ]7?X TTfarf ..... 1.4 

wi.GnramTu. JWJ H&SI ..... 03 

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EiaipbraCmUiTa.— »D UJ DJ 

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Wtaverky Asset Man agement Ltd (a) (c) (g) 

13 OoMir So. EdMkovii , 0 JJ- 22 S 1551 

AaMnlraCaU (Ul gJj +L7] (US 

PjL.br Bev. . .. [50.1 3201 +QJI LTD 

CraaAra Bofocd GmtB— IbL5 65.M +o3 _ — 

Gp—uMy Jha 10)0 +53 am 

Wetting tan Fund Mngrs Ltd 

Hdwmia ChnUr*. 2. LoedOT OridBf.SEl. 01-403 51* 

2u3 Zl 182 

For WastAvon see Tphl limit Trusts 

Whitting tale Unit Tract Managers 
SHooeyLaw, LdfldMECZWBBT 01 006 9065ft 

f-T"t-rt— Finf Pi 1 51 -g | 200 

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13L5 138.41 +0jM — 


jSraqAd Acc_----- J126X 132.71 +(Ul — 

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Winds ar Trust Magrs Ltd 

B3 lOngway, London, WC2B b5D 0L405B3n 

ffra m* fmiD Ta mJ 43 ■V'.m I *« 

cSSt^-!— % 2 Si -- 

iKBnrTraU Pg.J 289 

Prapert, Skirt TraB — H88 6231 —J MS 

Wright Stiigman Fuml Managers Ltd 
11 BkwrfMd St, ixudoci EC2B 7A7 m-5WOW2 

Cra*4bFari_— IMS 93-1 m — J — 

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The Yorkshire Seaeral Trust 

Wdcdsano PK Ftw 6d«. Hudderstirtt 0484602250 

YXLT (a4!flraL&>- h4J b&« - J 1-92 

INSURANCES 

AA Friendly Society 
dmeBimm Mn* M & B Inr W UB 
POte93CartiHCT14hW 02223S542 

AAFrtcodyS|0-*12-i- BUl — I - 

Abbey LUe Astorance Co Ltd 

gOHnidMkvU Ran), BderaHnath 0202 282373 

USWicr? - J ~ 

EraraVrS IWO Ib-g ♦ & - 

SeiMM>Aix. WJ +1^4 — 

Prac.Scr-4 — J23I8 24401 ...J — 


Baltic Assurance Funds 

za Okmvil Sr, Uadn EU V*TY 01-374 6801 

•arabm JS4UM 3bL0H I — 

IMiw)(dlKaAW ■ 1160X7 16849 1 — 

Barclays Life Assar. Cn Ltd 

352 Ronvont RoaCt, Laadoa E7 01-5345544 

Snurixmi 068 <3.5 *2t — 

r+rarttaw »VJ 380* +L7 — 

EdUnAtorai 5938 6240 +*J — 

PratnlT Avonri 21 LB 701 -HU — 

bumawal bmi UZ0 318J +D-E — 

UraritOM Z?70 2391 +OJ — 

Mranann 1821 19L7 +(U — 

AoufJemAaira 1905 2W." +LC — 

AuVraM* Aerara — ZD0.7 ?1U ” 

Fii+kuI Acean S.7.9 282D *33 — 

*’500' Accra, 1129 329.4 *U — 

bowmfiratkAan- 1M.7 148J +(L1 — 

kunriaai UL4 345.7 +13 — 

4>Ma £ Gm Aaaaa 406 B +M3 -07 — 

IjiWtraai »Q5 2111 +D2 — 

SraeSrijFdAceraw— lM 192 7 +L9 — 

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MAbraVPmAecara — WJ 534 1 .11 — 

Era*, Pas Aeuan 209 4 2315 +1.1 — 

law Pin Aetra*- __JbB) 1771 +0.9 — 

td+aam Pnfleerai UOJ X7 7 +0.1 — 

M*ac7 Pas Aecara___ 770.0 2B4J — 

Prapn+yPaiAcoai 110.7 1160) .... — 

i> p. vas 1* Kaira llara prase Cl- 53* 554*. 

Black Horse Ufe Ass. Cs Ltd 
MooHtfywien Hs^ OuttBM, Krnt , 0634405161 

The Laua lauoor Fold — 

TbrWrktoeGnMBFd 

Tar Bteri Find 
5+#I&A8.BCI,F 
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TV Flud lair ml Fd—UOl Jl 

TV Cash Frad 973.91 

TV Moated low* Fd J3IO07 

British National rmanchriServices 
P eriwne rai Raid. HraanB Heath 0444 414111 
MJOMM - .P398 2SL9] 1 — 

Mnaiaa M*.0 298.4) ..-.J — 

frarau 2991 

Eran, lltb 

NnoTtdMU, 178.9 

(uvmaa L19.9 

Omv 1330 

EuraoHn- — . — 17 J 

raanlnorev — - 153J 

Drna ra 1209 

MahognlSennZ 2388 

Wawirad 3«nw2 — 2038 

CrartySew? Ili? 

Man I H Pmmou Anna— M18 
HAkranPeoramCja- 2553 
PriWrt,P*» Acorn — >^50 
PranernPewCai.— 2768 

Era. I, Peawar. Accra) - J3Z.4 
Era.l,Pf«jraiC*» „ 3274 
Ke«< F«k Pmsiajm— 23BJ 

KaiaTecaPnbCae— 181 5 

MlPtmtarai W3J 

no p*ra cm Wi 

Fixed lot Pm Aon* —4)77 -7 

Fn(ri lot Poos te (1146 

soraiy u Eurau urao D578 
CMMH SKUrtr Ute-TlUX 
Araum fkc — Jiw« 

CCL Assurance Ltd 

74 Shesherds Bai* Creen, W12BSD 01-7407070 
Lde Fdadl 

UKEirari 1934 J04f — 

AramanEndrt 1335 Wf .«• - 

Far East Erarty^-— . 190.9 2jUJ ..... — 

u Jam Fun air .. _J-wa C- 473X — 

Mbnmwte, 175 4 las I — — 

cm Ibl - ?».B 2271 — 

Uonryted ____ 1480 1501 — 

0.1 ricod moa — IMJ 194.4 — . — 

CCL Perpetual— ’/0.3 ZQJ — 

CCLPfmtrtj 5200 — 

Sm.lV+r» 175.4 3468 — 

1200 uu — - 

eaikafi?K5?fciZkia «a — - 

Canada Ufa Group „ . 

2-6 hid# SlPoaers Bar, tots 07075112? 

a aa^H JSS I — _i = 

MMdsM Ftateo-ttsMtetiM . . aa 

HratedPvFwd J79^ —I « 

ProoertyFeeFraa 11528 139-3] — - — 

J133-0 140JB — J — 

SriaC PuM i ate iiaatirt if . 

wwmimal Pm Fd— ■ JZQ7J 2J8J •-- — 

jtetedPwFd..... 2190) — 

Prawn? Pm Fd J-__Jt2B8 l*g “ 

ladN+MfeMPmFd 03Z.7 U?g «... - 

GsBAFvililPaFd 066-9 175.11 — - 

EmHyPwFd ,...7 P4L4 2M01 — 


Colonial Mutual Group 

2* Latest MflUxatfmEMPSBD 01-2489861 

CHL (IMI temi . 

Key— I8L02 1BUO — — 

Pnoowr nta 23053 — — 

Caih. >3040 13706 — — 

Era*,— 32BCI7 34SJ4 — , — 

noMkaarOL— _ tecs 20982 — — 

llaated 1S7J9 270 94 — — 

Praptny —69383 SOWS — - 

CULdWaa 
Caw Cm 
Ok in, 

(««( em 

tei)" 

Bow ml 
FtaMhHlV 
I ran LM Cap 
MocLMIn 
■bated Cm 
■ba ted m 



Ml 

j^i n - 


CaaMaed Insurance Cn of America 
15 Footed Wna, Khuuaa moa Ttaam. 

SonvyKTl 2PA . , 01-5467733 

■bated Fmd iCapt toy* UOll +?4 — 

Ibaagnl Frad (AaJ p!»- HIM +4L3 — 

un rate d Prat Wgte4 « 7.9 Ilia *£3 — 

■bated Pm FdlAcclJOma U4.U +0U — 


Commerces] Union Snoop 
Si HeWv 1 UMcnbML Uadaa EC3 
VVAra04»9_— J FLU 

WjrUcclJaraZT J 38039 


11- 283 7500 

3 1 



FMf A ssmance Satiety 

19 New Rd, BrigWoaBNl 1WS OZ737045J9 

Fntel| A Ihranl 17601 «5.93 — 

FMIySMiaraed— ■ 19080 Z90« _ 

F««l»C.S0ZI_IIlS9JO9 SMU — 

FVaHrD. Fluid IM. (2D.4B 224.91 — 

FteOdiCaand Mom. — 77023 2707! — 

Bra. II 14384 >4007 — - — 

team 5erta J- 14598 148.96 — 

..Grama Series 

SJ 

FedeidUan Mutual lusmnce Ltd 

Snttnli Hw, CoOeae IH Cmdoa 01-6865685 

Bsaasris sa” = 

FrimBngtun Ufe Insurance Ltd 

3LAadoaWaUBnlkla90 EC2M5NQ . 03-6*5181 

ail & - 

Friends' PruvMeut 

CHUeSHeLSrihtury.WtaSnSSH. 0722336242 


108.71 — J - 




S*W9b- 
MAnortcW- 
FarExK — 


CM 

Inurae llW Tiufl 
UKAGeaUMTnFra 
Winte Sen 5*> T 
PraM CMmrlPwr- 



UmahaMM 
Capul ram 
MB Samuel Life 
NLA Tower. 

Scoter Fond Ir) 
BrtMfcFradbl. 

I ioj i unkind Fate tel 
Dollar Firal ID. 
CmnteFradlD 
loconefradtD 
.Pnpeity Senra (Ul 
PrapertyUamb) 
FlanblFMID 
UnragedSerteiA 
Muaem Senes CU) 
•bnaMHWeilD. 
Hte'rteMFnMlD 
jaaaer Series A oa 
MWfyUMsID 
Eiptey Food ID. 
FhMteBFradtD 
.MredSfc-FtflD 
EanpemFradtD. 
NraM Rchei. FdlD 
Fra Eon Fran ID 
SnUVCakb). 

awc.SmFiM(D 

ttaagd Craq.. FaaHD 


_ mi 355J 

_ 173L3 Ml 

_ 2780 ms 

- 1508 1648 

_ 3 MJO 34BJ 

_ 2860 3005 

- lflO O 1B98 

. 1478 1550 

□ 204.7 216JI 

pousttk oa r 

Aw. Ltd (2) 
RACngdui , 
suri 

7 5 m 

14 


SSSRfc: 

SS'&ur 

UmmUUl. 

Pmi Ibii i 

EMUlPl— 

Flood laLC PI 

Pteiyin— 

Dep«miP>__ 

MtedlPT 

Inks Stack (P)^. 
la urmc eate IPl , 


0Wfe«3» Landem ft Manchester Group 

“ WtalaaePK Exeter 


— Z jmumw TimiWi 

^ - K3S2s 

“ _ Mt»Fi 




Continental Ufe Insurance 
64170 HigD SL Creydoo CUD 9XN 

EraVAec— 

PnXrtrTy Axr 


Spec SO Aar, 
UMUaiUlTaAfiC 
Phi IMA 
PeaPrap 
Pe»E4ok» 


Peal Ira TrastAcc 

Caruhffl Insurance PLC 
57 UternwMl. Galtdfad 
Ew*,FdlA0B)Jrae24 
Flood loB A BBI0a u jte 
■boGaUMABl Jcae24 





Pros Ol Cm Uo md Mod 1 


GT Management Ltd 
8» Fleer, 8 DwonWlre Sr, EC2 
GT PUo flood Frad. 
ertealWplVUFad 
CTPtao For East Fk 
GT PUa N Aoi Fral 
GTPMUK&&E. 

GTPOl WridoMr 
GT PmJaa Bad I 
GT Pea 1696 rid Fd 
GT Pea Fra EM Fd 
GTPcraN.Ara.FA. 
GTPMUKC8E.nl 
GTPaoWrakMdera 


Gartnwre Find Managers Ud 
Sriegoud. u mle r ml uen by Gemral PartfdOo Ufe As. 
Valley Hse. Cnsdnair Si, ChBNuod, Herts EU8 8JH. 
AdrabL 0992 31971, teg. 01-623 1230 
Steom a nirrad _Utt6 Z78) ml - 

General Accident Linked LB* Assmuccfe) 
2iy24 A<k**oa*e Rd, f^Wdoo CS95BS, 01-6B60411 



Criterion Assurance Grand 

Sw Cowl tomnett Haw . 8738,6120 

SrSarEi? « Ej E 

Pmloa Kind Act 
AahoSmraLilr 
■bkSomv 
Acbrc StuFd PeraAt 
DM Orb KadFd Life 


IVs IMPora Ac — -I1OO0 165-31 — 

Fw dosed Food «* ptees rks 0730 63») 

Crawi FteKfad IlMHOCMftt Ud 

Crown Hra, UMJag CU2J 1XW 048635033 

AraiSuta^. hMP ULri I — 

Date, Eua 5*3 ZD - 



BriMraSaeSerCia 
H ome ow ners Frtcudfy Society 
PO to 94, SprtagHdd Axe, Hanooue, 0423 67355 

HFSmSShI I99X 104li J — 

HFSUXnteU Fa 1 SHil 99x" " 1040) I — 

Imperial Life Ass. Co of Canada 

Lowha RtraL GlMmter, GU 3LE. 0452 500500 

Gnaw Fiote IXU 360.91 -_J — 


SKrarCraFA. 

UteDfFt-— 



SS SSTfES' 

Axorrkaa (Coptra 
AaKrtcaaltalH 
mratemSaeiCop) 
DUkAgSKudl 

DcpcUXCteH 

AwKUtdl 
E-606MICMH 
CirawralAreil 

&loitr(C0ilB 

CHUCD 


?®-S -A - 


Ira. Tran Aa. 
jtnutiebt- 
Mated Act. 
MowyAtt — 


SMSSr 3798] 4.9 

dd.,— ilBLJ 1 si -4 - 

MFiL— J1330 140ji 1 - 


POeHIc 

PtaKoaAct _ 

PMUKErarayAK 
PeaFludln Act 
PeaiodUpkedAi 
PnCMDniAtE 

Pm Wop Act 
Pm user ua 
Re* AixoeAAA Am — 

PeaBraoRMoAtc 

PwPotdle 

Asskurazfud GENERAL! SpA 

lUFemteudiSL 
HmnGeamOUKGtt 
HonbreGowrabito 
HMbaCooaaH 

H*n6ra>Cqoi(r 

HobesEorau 
Hamm BMltete 
HontetEJsSFVLdl 
rtmtew Nth Anmncra 
HodauhiA 
Hondo** Seam 
HatevaSoalln 

GewraUlatelb . 

Geaeroi ]■» tepl Pm* 

GcaenHCo* 

General Partfofio Ufa Ibl Pie 
Cramnek Si, Ctemmt Hero 
LHoPmm ^ 

PenWoFdAm |S273 

Porttauira 




2190| — 

v»s .. . - 

U93 M ..- — 

175.3 -. — 

26401 -..J — 


t 4*r 

£amen 

Fled iraorert . 


55- — 

*muk;— 

msopPeoSM 


1850 19 

Hoi IS 

*8.7 » 

1812 » 

Sob.9 U 


0202292373 


3 23*0 +08 — 

0 1369 +02 — 

961 153! -flj — 

ISA 12.7 -ft* — 

507 2631 +06 - 

25 ISP 1 +01 — 

MKUel Book IMI TU_ 232-2 244.5 +O.J — 

tekUmiBkMaaova— 022 2M5 +0* — 

Mouna 8k lraer»JU__a48J 26101 +O0i — 


Hfi 

lofleitedw 
E-tee 




8 11 . RodBckM 
HW Street E 
Hteteoniel 


UahooM F t). 

GJbEtte dW. 

oMflpBw KTOd^ r — T 

— — HcoBim-iu 

— “ iaSlkGatw 

— “ UKEwdyFd. 

ZZ Z 

— ilteeriSwL~-" I 
*“** Z Irish Life Assnrai 
— Longbow Htrare. 20 C7 

— - — hateVUdStenSSitl 

— — Peq.HBLCB.5er.2_ 

— — . PgT .te4.gdl.5ar. 3— 

™ Boe OupSenat 

Baa Chip SertarS— — 

099231971 

* i4jj — SSSti ^ o — 

— GteMftSBq ... 
tLR — QabuFUrdWota-., 

♦ii “ dmuEmay 

+J-) — GhmlCnh 

+0‘ — Uanen D Seaafcy Fofl— 

+U — Uiannil Baumrd Fad. 
-0-1 — U OHiu J D W*teT F4 

-•j — 

+U-' — Eoab Pea Senas S_ 

+0/ — GaLEmad Paa.5ar.2_ 

+6X Maraud Pta.5tr.2_ 
438 — cadi Pandea Sartor 2 _ 

— lad EatevPe*5er3__ 

3 ? = KSWsSti 

-«2 — PnptrtyPcaSar J-— 

♦U — QrjoJi Pm icr3 

+1/ — SacirvyPmSarl 

+?■' — B+i tea Pro Seri 

-U 10471 tv Ibn Pa Sari 

+a 3 - Far Jteoara Fry 


1868 196.7 

1088 139L6 

SS 

mi BS 

555 3190 

Z22J 233| 

1928 000.9 

1258 13281 

ccCaPh 

Mil St EC1 
2728 287 

303.9 4043 

1709 I860 

1104 lES 

^ m 

3701 3904 

9410 ml 

7528 79L0 

2972 3128 

29U SQ 

3620 380 

1528 1608 

3048 safis 

4278 450J 

1250 m3 

UQ0 1073 

1198 1258 

1230 129.| 

5418 3708 

1658 1719 

6468 6808 

3628 m| 

5198 5*09 

168.9 1778 

5958 6209 

BA4.7 (892 

808 Xl| 

1658 173.9 

168-9 1778 

907 1DLB 

517.7 3+49 

105.7 ]UJ 


ovytryi MGM Assumed 
MCM Horae, HreoeS 

_ UtEmtty 

— Da. Anaoo ______ 

— Soecuu SanMm 

- — “ P«. Aft— . . 

— - tomAneriem. 

“ Do. Accra) — ^ 

— — PoaVBrara 

“ Po-Aombi 

— — Da. Acora 


_ Da. Aon 

Z Baraa G oiBFd* 



— PewioatEqxiq 

“* _ Ba.Air— -- 

= - 5 fiZZHZ— 

— _ " i~i nmrnmurai 

OraAtzrao - 

— _ fern Plane Bute 

BraAgno o .. 

PeraFtandioL 

_ Po.A aaa - 


M E 



eartl u nmet Page 








Financial Times 


Tuesday 30 1987 




















































































































































































i 


AMERICANS — Continued 


1987 

Ktfl Li* Stack 

8*1 

2tV I?VSo*ttwKf?mBHISl J 
ISO 14 WSuictCwim<ui — 
4*,V 36%jStn Co. Inc. SI—— 
37 ZreTRW lac. 51% — 
32 aVTemnxSS — 

]87iJ wsy DalOjdiiJtt-91-5- 

zt>u i7,vreuceS605 

62 « 47%FThnc Inc. SI . 


623 47'gFT)ne Inc, 51 

14 k 11 Q rarer SO J3— 

2M 184Tran»MrkaSl 

12 *. 922s fTrareworld Com S5— . 

46 29VTRIN0VACnp. 

2D IS.’JtUSXU 

19S ISAtewBCarttdeSI — 
35 A 2bWitd.Tedi«ologrei — 

30% 27 lUSWcttfl 

S 17%jW)jae ItoajowstSl 


Me* .+ w 

»%|-4 


«, 5**+% 

ma+a 
38'J 


»%* 

sa; 2 »-»r 

aoS+^i 
12 % +% 
44% *% 
l»i* +A 
19% -% 
30 %+% 


Spool 51.0 I.OM-JLJ T 

looi worth J3% I 34*aJ— A I 

CANADIANS 


a. i :rki 

One Crr'Cr's 

*« = |H 

6J 

»S- ^7 

- f 

n 4d — ZB 
ftiiJ — &jD 

SUZ — 2.4 


1987 

Unr 
21 s lOp 
12% 50* 
122p S2 b 
191, 14H 

10>2 74SH 
20% IS 
%0r 712a 
lfo 

6096 znp 
ihbwp 

12 B65p 
42% 17% 


. Montreal 
.Non 5014. 


6096 Z77p Wreaiwaicrte. — ! 

11% 8966 C4n.lmS.Bk.S2 ( 

12 BbSp Can. Pacific fl—— — 
42% 17% Do4pcM£W0 — 
Zto 25% rEdxtajrWkw— i 
imp 66c Enro^Wa Caottal Ltd - 
73% 2S3p Cabcllc Resources — ! 
69p 32p (Global Data Systems— j 

E736 399s PGrongesEuptaB 

1B%S lOp VG) Panfie Res 1 

1&7810 fCuSCaaaial 

13V 10 *Ha«ierS4dCu« — 

TOP 460n MilpGrm 

14V 10% Hudson's Bay U 

34% 244, f lopenal OUR 

11*178% Intel 

144, WctL Conwa Rs 

tfhs 575s pinlundNat. GasSl — 
3631 15Bp PMineoeho Eroto-. — 
10 74Bt 9»lnl Business Sptl- 

12 9Z7p fffioAIgwn 

19V 14% Royal Bk. Can. n 

49% *W«Seagra«B 

14% 11% rorasto-Oraa Bk-B — 
228p 19p fTrans AdapdtResH- 

10% 7Wp STram Can Pise 

104s Il24p IVarttjr Cotpfl 


826f> +17 
19% +4. 
Op +23 
16% +% 
368p +14 

m -a 

12 Vs +% 

41% 

av+B 
I78p +1 
512* 

49s kl 
655s +51 

*S -V 


573p 1+50 
lO’J — 


lBV+% 
684s +>t> 
229s +4 
890p +5 
995s +30 
154,+% 
«V-% 
m+% 

107%*+% 
820s *17 
133s ~2 


sAtlartfcResfl-l 107%ri+% I 
iCanPUre — — ] 830p +171 

Coretl J 133s I -2 I 

BANKS, 

HP & LEASING 


1987 

fl%6 Law i SI* 
190 1146 (ANZSA1- 
•773 230 billed Irish 


•773 230 Allied Irish 240 +2 061 

£164 Q35V Alienate FUOO l£143% n« 

70 56 Rngtolrsfc 63 ... Q19. 

92 M Astiudwr (HJls — 89%-% 

£40% £24% amende BribaoS-A. Q2%L..._ C 
£29% £23% Banco de Santander.. £28,’, . 022 

•241 176 Bank Ireland Ir£l — 220rr+Z «1! 

£14 £11% Ba*Lrtreu £14 

350 240 Sk-Lnimi (UKJtl _i 350 

614 395 Ba* Scotland £1 — 6U -1 

88 68 Bank o< Wales, 81 .... ♦ 

614 484 Banter* £1 591 -4 

91 45 Benchmark 20 d 76 -1 

603 543 Brown Stapier£l__ 543c -4 
135 95 Be>nmMortTH_J 100 1-10 

•480 290 lCaurAHwCL _| 448 3 

253 137 fiOancfr} 5 kv!ms~- 251 1+3 
£22 £16% Cannwrztk DM10 _ £18%. 01 


M Z USU 

if +6 I W20.7c| 2.4) 4.9(63 


• 5.9 « 
2J. 5jB HJL 
14 70 15-0 
- 3.1 - 
3D 23 182 

♦ 15 fa 
2.9 66 7 A 


100 f- 10 

•40 290 ICaur Alice £1 448 20 

253 137 ftOoecfr} 5 kv!ms— 251 1+3 

£22 £16% CanmentA DM10 £18%. Oil 

£28 £23 rkgaHtikJCrlOO £25 +% vQI 

*£2B5ija91 Deutsche Bk DM50 — £217% +% 02 

321 202 Fira Nat. Ful lOp 319 1+4 6 


321 202 FimNK.rm.10p- 

173 111 FNFEbJpcCrtaM 
43 WdFuaPsuruHUg.. 


1Z4 — 4.9 — 
165 3.4 3.7 108 
«24 12 4J 15.4 
210 38 4.9 66 
163 LB 2.9 263 
10X - 15 — 
at « 17 « 
1015 — 62 — 
Ok U 4 
18% - 3.4 — 
1596 4 58 11 
24% _ 1.9 - 
6-391 31 18 215 


173 +« I 63%i — | SJD l — - 


43 3«J#«t Pacific H«s._ 42 +3 

•418 298 IGcrrwd&NaiKiaiZl 397 -1 I 

233 173 bmdcD*rmS5p — 231 +31 1 

110*2 87 bdane»PHt_-j 101 

314 235 dantm20p 311s +5 

521 398 HHI Sanmd 477 .... 

•73 57 MCAStanB-MSUO- Tin -% 

608 473 Jo*phtLeo>a 6081..-. 

194 134 Kmg6ShaeM20|p. 186 

642 450 Kleuiwort, Benson L 521 +12 

403 293 luoytfc£l 1 384sd-2 

763 558 MCmpSS— 570 +S 

460 347 Hcmrrliti 454s +9 

158 122 Do6ncACn*M_ 158n+3 

704 566 U kBaud £1 634 +11 

432 360 Hainan Grenfell a- 385 .... 

212 156 NkAbLBlASI 204 

•758 536 NM-WesLO 730 -4 

QbO £123 OcumanB«k£20— 060 ..... 

150 70 Hf*Bn» Gnwp 143 +3 

215 133 RnlBchMUlHUss.. 200 +2 

128 66% Da Warrant 120 +2 

169 141 Rothwelb 157 +4 

366 294 b)OlBk.sf5ratenl_ 365 -1 

280 236 SradMMnBkUma. 263 

Q2%| 705 SdraknO 02 1+1 Ji 

965 590 Da a (tor 955 +45 

£27% £21AlSec Pacific SID £26,*, +A 

842 728 |5tjndardClartd.Q- 768 -3 

102 75 7SB »%-% 

141 91 JTSBCteradldan*- 140 .... 

1008 680 Urvon DocoBmQ__ 995 

£37% £27%WellsFaireS5 £34%-% 

227 196 WeKsacSAl 212 

445 290 IWirenia20p 440 L..„. 


L31d64 3 4 4^ 
17.3- 5.9 - 

23 a 23 32 159 

143— 43 — 

£7a — 64 — 
14.0— 3.7 — 
iliOl 4.4 43 66 


3 52 - 

11 27^33 58 61 

1*0343 3D 53 62 

4 ^00 46 IB 78 

2 1^32 34 — 


825c 71 33 4 2 
tlOl 3.7 43 93 
uai 25 43 113 
115 - 15 - 
135 — L9 — • 
ISL2Q — 28 — 
354 19 63 95 
*4-26 32 *2 102 
0.92 3.7 14 9J 
40X - 55 - 
ISL56 - 27 - 
Q28t 25 5.9 67 
t5.4l 18 1-7 220 


Hire Purchase, Leasing, etc. 


67% 44 Cattle's IHdgUlQp.- 
253 132 Conte Lease fin 50o.. 

DOWj £66(1 tie B'cre Fr.100 

39% 29%Ea*ity&Gen5o 

108 73 Lwl Scat Fm. 10s — 


393 278 
700 1440 


447 317 
£10% 729 
•781; 62 
150% 130 
669 540 

171 131 

209 141 
763 660 
515 MO 
298 202 

210 140 
412 376 
452 335 
280% 187 
145% 104% 
398 259 
389 264 
125% 92 
D43V DOW; 

89 68 

205 138 
221 145 

443 370 
00% 925 
154 112% 
478 370 

550 345 
264 1«*5% 

•579 463 
380 270 

374 277ij 
475 274 

445 235 


405 270 
405 193 
276 222 

S00 279 

63 33 

125 68 

355 142 
323 217 
865 5Z7 
285 97 

69 31 

217 78 

Z18 154 

•275 160 

174 128 

*450 1971 
127 65 

675 136* 

516 335 
215 120 

26S 22Q 
195 86 

126 76 
27% 111 

204 14} 

150 80 

47 23 

140 114 
270 150 

325 110 

316% 246* 
£11A 47B 
180 129 

39 23 

1245 no 
37 M 
237 170 
1% 113 
167 111 
307 14Q 

175 9B 

126 68 
270 116 
1*3 88 

156% 92 
90 55 

500 346 
270 161 
267 171 
123 71 

£317%jOB5* 
UO 80 
373 224 
154 120 
366 268% 

104 49 

178 92i ; 

69% 36 

era *70 

105 73 
1TB 116 
□745,040 
379 252 
550 340 


58 HarpaeMerc.] 


66 hZOj 3.9 42 15.7 

250 +1 135 82 0.7 17.1 

£66!J -% Q10%l — L5 — 

37% +1 IDS 4 3 9 * 

io 6« .... tiazo 3.1 m 
86+2 all 4 32 4 
374 +4 13.0 22 42 132 

700 1+20 (Q&59U 4 ID 4 


ftwkkesier IB200-J 700 (+2010383%! 

BEERS, 

WINES & SPIRITS 

as 1 - J £10 hi »17.d: 


Browil Matthew] — 653 +2 14.0 

Bodder's Brew,— 164 +2 32 

Bdn*nH.PJ5p — 191 9529 

Bummwocd Brewery. 763 10J 

Clark (Matthew) 495 8D 

3e»eflWi U.A.) So 293«A+1 72.7 

0o45qcC*a*tffJ 208 4%% 

FOOrldqe, Pope 'A' J 396s -2 7D 

IF«llei,Srer*T.A£l_ 452 fM2 

SreenB MlWey — Z40%l+% isj 
0p.5.95peCrPKl_ 24Dijf-% 5.95% 
Greene King^. — — 394 +1 T5-fc 

Gumness 362 -2 aB-16 

Da 5Vpe Cm Prf 120 - ... 5.75% 

Oo8*40eC»Ui 1039%-% Q8%% 

H«rtandDeJs.20p_ 89 +1 T2.18 

ImergmdanOUte. — 200 525 

lush ftsWWrs 210 t©9J% 

H*3Uan-GlM4he«.._ 438 ...... 3D4 

MacdaeaMMmn'A'- £W, 19D 

Maistai Thompson—) 1531; 2J5 

kMerr,da«a Wine _J 469 fe533 

Mortwl 530 +1 7JJ 

Scott & Hew 20p 259 t7.0i 

Van Gram— — 529 tniiS 

WtMbread'A* 357 +1 £9 

Woh-ADudU 374 +1 tMD8 

y*»0Brew’A'5Q9 . 428 +1 85 

DaNw.V.50d_J 418 ...._ £5 

BUILDING, 
TIMBER, ROADS 

UIEC500 39S (-1 I2D 

Wteer— 405 .... t20% 

AbodeenCsmt.— 252 .... BD 
Sec Hama- 500 +12 51X63 
AnstoOld 54s -% aL41 
AmdrffelOa___ U4 +LA 

HWKteadGrowlOpJ 3« R30 

AnwaoihSo 278 ... 15D 

BPBInds.50p 805 -5 125 

Bawertdje Brick — 285* +23 7M.75 
Bailer (Beni lOp — 61 +2 n0.4 

BakhnnlOn 217 +27 — 

Bams On. lOp — 216 Ul t842 

8e«W, 269 .... 73 

Belhnmdi lOp 158 +3 R3.2 

SetMerGro»p___ 43M+6*j a25 

Ben Bm.20p 127 +1 td3J. 

BJwtrteyc 20 p 635 -io *4jq 

B be Circle U 500 -1 hlLS 

Breedon Lum 208 .... S3 

BBAEA-— 265 +10 fLO 

BmW, Dred$ng 174 -2 4fl 

BrrmHld 9 t_ 123% +1, W.45 

B«miHa«sia»). 261;+!% ♦_ 

CRH — 166 +3 (CDDV 

StebwJRbr'A lOp. 12S 33 

OChessatesrerGnj - 47 l+l _ ! 

OanJUDurteD 5o. 133 R 2.75 

ConderCre* 270 +2 AH 

«W»lf >5s 31B +3 6L7S 

toalnGram 277* +3 hft.75 

+omtrySfde Props __ LlOl 2 
Dw»lR«A.M)^m IBB 44" §Z2 S 

EAwretHIdptlOfr 37 +3 OS 

Kpmr, Grous 10# 226 1*3 

“*h- — 195 .... 43 

^•eConstnokm.. 166 -1 ate 

FabWarlOp 305* +3*, art 



1 Oil A Ufa. 225 ai ™ 


oh hrw 

Ifctwln+lGrt 


♦12 GLL63 
-% aL41 

R3^ 
... tSD 
-5 125 

+23 ttil.75 
+2 re0.4 

1+27 _ 

" n n 

+3 R3.2 

+6>2 9 25 

+ io ip j 

+10 fLO 

-2 4D 


R2.7! 

+2 4X 
M ) GL7J 


+% tO.4 
+5 70 


p*dH*edHa***95p_ J $7 

jFMan Group 10 p 143 

CallifiMSa 1581 . 

iGifite Itand, A 10u — 79* 

MJJlOq 5Q0 

indtlOp— ■ 268a 

I n Gras 254 

Sloan 10s J 137+ 
JUDD8— 1D17*‘ 

wlOp Ho 

VtmarK 366 

*rf. 133 

HU 366 

iimlOp 1Q2 

*nren 166 

ica Can. 521 

t BOO 

|9JMhi9tA*50 «ft 

Sd*SmesPH.lDp_ 162 
Uf*9eCop.Fl00— E157V 

MnqlJotfcj 372 

ttateDiUJiiZlJ 550* 


41 

+7 iU 

* l l T4J 


01!t3 

Rig; 

'+2 7.7S, 

-l fc759u 

+1 h?il ; 

-1 Tfl.41 : 

-1 h3j3, 

+% -j 



+9 ^ 77 ] ! 

-Mi] oa%| 

-3 h5.6^! 

+W Iks 


1987 

High Low 
■183 88 

188 11? 

5 WJ 42 
141 110 

269 199 
662 396 
■5*4 303 
275 120 
382 HZ 
391 334 
185 120 
290 188 
310 188 
430 268 
170 38 

481 360 

noi 795 

216 150 
405 395 
5 27 252 
-151 84 

480 370 
348 166 
518% 339% 
149 73% 

183 m 
•542 399 
120 54 

179 9u% 

289 181 

296 183 
2*5 134 

CUV 670 
127 87 

368 2331; 
327 210 

•447 192 
499 304 
404 197 

353 235 
134 86 

393 205 
71 30 

125 103 

770 330 

206 99 

733 307 

136 93 

344 204 

261 158 
200 141 

■283 145 
, 188 134% 

399 292 
1 2D 179 


BUILDING, TIMBER, 
ROADS — Cant 

+ pr| Dre YU 

Stack Price - Het Or Gi% piE 

mrrM«(WJ 1 M2 +15 *D|L6 3D 17D 

Do85ficCm«dPin. 188 ...... 6%%l — 62 - 

DterlFJC.) 55% - - 


wiiir 


DRAPERY AND STORES — Cont. 


ENGINEERING— Continued 


I Stack 1 Met I - 

Lawrence CWJ M2 +15 

DP&SpcCnriidPfa. 188 -... 

L*5tFJC.l 5S»; 

JLoaiOjdBJ*— 124* +2% 

Lmretii'Y.J.) 269 rt+fi% 

UcAlpae (Alfred)-. 662 +24 
HcCan*r&S(a»20p. 544 U-2 
MkLmkihAH-. 240 U- 
MaqndiSartSemjJ 3Un -3 

Wanders MW 9 ) 389 ..._ 

Martey Ml% -2% 

Martfans Hallta — 288 -1 
M0dentM«!2Op- 310 +2 

Mwr Int — 395* +2 

biller (Son) lOp — 178 +4 
UowlrenU) 480 +7 

NewarthW U_ OBV+A 

Vewman-Tooks 216 1+1 

HatUnghaaBnck — *00 

Pemtnn& 10 b 504 +1 

phoenti Tlnteer Ml +1 

Pdd»B — *00 

PotaweUp 356 -1 


Mtepd 526-1 13. 

RowRtBonlOp UO* -% 0.7 

Robert*! 174 -1 43. 

Rp*rP.CemM — 264 -% 7. 

SradeM Ptrioos 292 +1 ft 

Sharpe A Fhher 2S5 tZ 3. 

tsindafllWial £UV U. 

{Smart CUlOp MI +1 td4.7 

sueo+r «4 +0*1 *7.7 

tTamjacSOp 301 +1 *55 

Har Homes 426 — F5.4 

rarto- Woodrow 480 -1 4. 

filar. Gram 404 +22 6. 

rrats&AmaM— 353 5. 

Treat HnMagslOp- 134 11 

Tiwnff Corp. -J 392 1+13 & 

r^oBtCnstrJlOp- 54d 

HldCerancDea2Cp_ 128 4J 


Ward Group 5p 198 

Vaid Hkfe. lOp — 733 
WKTtaqtoarraotJ— 136 
Vans Bare 344 


770 (+10 «0l! 
198 -2 R3.1 
733 +13 82] 


Vre9ke Grasp 254 

(film Bowden 10p_ Ul 
4+50fl<Cwncflrl— 399 
Vinver(Geo) — — J 248 


344 

250 +1 

UO 

254 


2D 63 10D 
3D 2D las 
3D 3D 163 
71 03 Z3D 
21 4D 16.1 

• 23 ♦ 

1.9 33 201 
2D 11 ZL2 

• 3D 6 
42 2 2 14.9 

• 2,4 ♦ 
11 ID - 
21 43 M3 

3.4 U 253 
U UIBD 
21 27 22.7 

4.4 11 152 

4.7 13 161 

21 4D 123 

31 0.7 633 

32 25 16D 
29 03 5L9 
20 *0 166 
q23 34 14.7 
7J LO 111 

33 28 153 

22 3.6 173 

3.4 13 226 

33 17 ZL9 

4.9 13 15.4 
13 51 172 
27 29 172 

32 25 172 

5.4 13 153 

23 27 18.7 
31 23 192 

3.9 2D 17.4 
55 12 20D 
13 3D 253 

23 43 142 

33 2D 220 
25 26 212 
51 13 172 
- 10 — 

34 23 139 

3.7 23 142 

k 0.7 4 

3D 26 173 

6.9 ID 203 
34 26 Il35 


1987 j 

ngk Law r stock 
258 148 IWii 5 n 9 On.Eqp.lDp_ 

131 68 Wmdwioor5p 

197 80 rkWegtnmrwwflDB- 

461 340 {Wod worth HkJTS 

£206 OS I DD.B%gcLn2OO0_ 
153 122 iWortdof Letter ID p- 


%* Icvl&vlfVE 


«3 J! L5 2.7 I 


ELECTRICALS 


437 332 ABBroorte 373 -2 

83 46 Ut56tt5p 62 

74 43 Mean Cow 10a— 62 +1 

180 160 UoMCn*(Mh95p. 168 

454 207 lA!ptaKric5e 454 +1 

40 27% purer EreaCaap5a- 37 

225 129 AmstradSfl 177 — 

474 353 HtoTdirvatfkeSpJ 465 i-2 

440 310 Mb Warrmrts 435 

118 45 ApricM Conte 10p — UOw -1 

55 35 btdlecMc'A'RVSP- 48 +3 

175 101 Mcn20p. . - — J 170 — 

09 £32% 4SEAA& 'A* £39 +4% 

£35% £28% DO 'B* £35%,+l% 

771 288 Atte*dcDnpB(rlOp~ 750 -21 

180 72 AodioFMArlOo— 147 -3 

276 196 AntO’ledSec.lOp— 250 -5 

387 269 BICCSOp 387 +1 

138 82 BSftlfltflOp 136 -1 

*53% 22% Women iPotalOo- 49% +2 


lODjlD 3.7 19.4 
1333 3.4 122 

a 36 U 22D 
6 QD 8 

27 3 2 125 
36.7 03 1U 


Elfl QlS „ _ 

202 134 >Wi5s 197 +1 

231 92 Marini Int) lac 223a +3 

Z30 186<i|Bowthwpell)p— 230 

237 101 fMrikKSp 213 +5 

226 131 UrianoteSec-lDp— 209 

337 209 jBritnii Teterem 291 -4 

•143 98 pram Bor. Kent — 142 

25% 15%&*9Ui'A'5p 23% +2 

■3Z3 170 paryea Grate — 305 -3 

259 182 KAP lOp 252 1+1 

126 77 CASE Gram 20p — U9r4-4 

272 150 Wl*L*cr»r®*10B. 278* +2 

83% 36 reCPU CooqMers 5p. 75%-% 

4Z7 323 KteM&WIreieaSap- 389 -1 

323 223 {CanteridgeEJea 281 -3 

135 128 tCanPridpe losfrreBot . 129 +% 

435 155 HCheckreMEwept- 430 — 

117 52 Kklortef Gra 98 +1 

4% 204 Da7)2PcCmCmP(. <28s*-3 

4% 3UfCfaanteCaeartlam- 4 

51% 20 j+WerlOp 35)4-% 

190 95 fKlreama 10p 180 

256 163 reCoRne D«L 5p 243 

712 350 CoBDteSp 680 — 

68 37 KamnspftHhto.30 688 

210 160 BCoort. Mfcnnme- 190 

230 170 CoomiTedilOp 230 

85 50 GCrarirook Eject 5pJ 61 -4 

466 326 ErayEJVranRlOp— . 466 +1 

301 22S k/rstabteSp 251 .... 

50 35 MBETedwetovlQp- 40 +2 

395 133 OTT troop 5 b 155* +1 

133 59 SWeOealOp 185 

63 41 Macron WISP 55 ...... 

76 50 bensitrai lnll.5o-Z] 68 -2 

150 80 kOewuMQea 150 

50 30 toewfaWA'lOp— 42 


k&teierSOJOJ E14Ul-i 


CHEMICALS, 

PLASTICS 


C49V £38 UkraFlZD— £43% 

500 258 UrtdeHWdinm— — 490 +5 

318%) Z38 LwSedCaUokfclQp- 317 -1 

647 452 UimfAaaiM 998 +6 

433 2*6 lAadorChtracai — <33 +3 

53%J 13 lAaraHakfloqiSa — «7%.. _ 

C07IJ £841 J BASF AG DM50 082% -% 

255 154 IsTPIQp J 230te +1' 

£119 £94 Barer AG DM 50 l£U2U-l> 

203 132 Bt&enlrefc. 201 

•213 155 SrScOwmlOp—; 206 

•143 65 {Bril. Benzol lOp Ul +2 

98 68 ^CKAnriKHeCBpek 80 -1 

283 139 £sn(npWJ 283 +3 

242 210 Cbemorylml. lOp — 248 

394 284 CoaUee Gram 386 +? 

330 210 ICoataSn*. 338 +11 

286 177 I Do. A 1 NV 286 +8 

44 20 {Cray I Horace) 5p — 42 +8 

237 172 krodalnilOp 226 -% 

228 153 paDefdlOp 212 -1 

65 48 koetot*Gro«p 69 

183 138 borheilQp 183 +2 

339 221 felo A Ererard 326 

£18%) LUVEr^ftard UD31D0. 06%+% 

215 120 (Erode Group 215 ..... 

283 241 ^osecoMtraep 282 +5 

133 107 HCapiOr Group 10p~ 1U _... 

96 66 MniqteSiAcelOp- 90 +2 

260 156 maWeadlU10p_J 248 +3 

£41V/ r^Htroite tncl) £39%+% 

729 I 425 (H Kkson lot 5 O 0 698 -8 

•on I £85 iHaecha AG DM50 — 002%-% 
C3B5%! £301' J DaFnUOoctiaLn.- £375*2 

156 102 IHott Uo|d Ire 10p 156 +1 

£15% UOUlrrte .Cheraa 043'% 

540 403 ^jperte fate. 50p— 537 -1 
174 103 keigh Interests 5p — 174 +5 

141 103 Oo.6pcCt.Red.Prf.. 141 +6 

243 155 E»«sra*Td,Mn5p- 218 

133 78 Iteorceu Hkk^. 83 -2 

£26% £21 |Harolflds.’rKr.20 £25%+% 
£22% 06 iPerampAB YSklO. £22% -% 

I 228 168 iPIrro 228 +1 


£43% eQ33% k 39 4 

490 +5 8£ ZB 22 223 

317 -1 375 * ID 6 

998 +6 83 6 1.9 A 

433 +3 54 36 36 18.9 

<7%...-. uOD7 6 25 A 
082%-% 020% 6 3.4 6 

ZUw+1% 5J ♦ 3A t 
CU2U-1V *020% 6 3D 6 

201 72 12 4.9 [2171 

206 456 20 3D 2S.9 

Ml +2 u3X 6 2.9 6 
88 -1 ROD . A - 0.7 - 
283 +3 4.025 39 26 3 

248 L4.S 27 - — 

386 +2*2 8.73 6 33 ♦ 

336 +14 5.7 33 24 16.7 

286 +8 3D 31 27 14.4 
42 +8 065 13 21 501 

226 -% Ofl L7 48 163 

212-1 - 

65 215 ♦ 45 6 

183 +2 13.45 25 26 2L1 

326 116.41 23 25 221 

£16%+% 72, - 27 — 

215 ...... 3,80 33 25 17.7 

282 +4 42 15 46 37.fl j 

108 ...... L267 2D 31 15.9 

98 +2 25) 25 3D 14D 

248 +3 15.0 35 28 145 

£39%+% CS1.W - 25 - 
698 -8 174 28 34 14 2 

302% -% »0Z0% L90 03 - 
375*2..- ©0% — (27 — 
156 +1 465 k 43 k 

EMU -% 361 22 33 166 

537 -1 1025 23 2A 173 

174 +5 405 6 33 6 

141+6 6 \ - 5D — 

238 -... 12.7 34 16 ZL4 

83-2 J4 0 3D * 55 
£25% +% *020% 52 15 — 
£ 22 %-% 018%% 4 02 « 
228 +1 22 44 13 234 


* 2D 6 

20 19 1SD 
8D (LB 14.7 


128157 ID 24.9 
127 3D 15 239 
♦2i 115 0.4 222 
LLi — 30 — 
fft22 45 16 18.9 
34 2D ID 266 
Lli — 34 — 
13.91 8 12 35.9 
153 38 2D 11.9 


482 317 toannagProxSd.Sp , 482 +5 

78 45 DawtktefiM.UkL-. 75 1+4 

48B 425 MrackHttssSp — 427 U... 

207 157 Pnbiuer5p 206 -1 

135 109 r+EaUnq Electro 5p — 132 . — 

520 374 betfcreqxlOp— J 508a +1 

208 US Mtectrau House 10a 206 +5 

148 98 jBee.DBtaPrac 9 . 5 pJ 148* + 2 % 

116 55 {Electronic Mackae -J 116 +1 

72 48 trtetra* R«tah_ . 69 -1 

465 289 (Ereess Lrol*inj-__J 463 
£28^ £19 fertra»(LMJS»5DJ £24%-% 
458 273 pBrotheraloLlOaJ 458 +1 

246 Ul tefdH Grotte W p_J 226 +1 

167% 93%{FKI Eiec lOp ll&5%* +2 

255 188 {FaroeB Elec. 5p 240 +5 

86 64 *4fee*adtl0«_ 83 1+2 

143 98 iFermtlOp ( 130 

370 195 praSeankylOp — 370 . — 

73 51 tfFfefc6er0emyt5p. 73 +5 

176 128 Morwwd Crap 5p~ 173 

•Ul 52 forwent Tecfc — — J 100 

501 315 iFipcsu V50 <72 -23 

247 184 |GEC5p 24I*J+2% 

140 105 IfCodtra Warrea — 139 I — 

355 290 (torinnKrrrlOp 290 — 

104 84 wi^terd EJ.20p 85 

194 122 fobraMtcLUOU 181 [+2 

258 146 ptodnns Grate 5p — 251rS +% 
58 12 Wta*teereideEJ.7pJ 53 -5 

126 57 JlBLlQp 67 -1 

31 18 .mmtecGnntelOp-.- 244 

180 112 mNSTEM lOp 130 +5 

•297 194 BM.S 19 .& Co*. 10c J Z17 b 4+% 
160 123 UjSB Electrical 2£fe- 160 +5 

350 240 liants Stroud J 348 -2 

9B 43 ifKewn) 5/Aem, 1 98*I+6)J 


aui jo a-apou tju 

247 184 fcECSp J 

140 105 Itfodww Warren— J 

355 290 (Gorin* Kerr lOo J 

104 84 Mi^terel EI.20p 1 

194 122 [Man Protect. 50 0U 
258 146 ptoAym Grate 5p—J 
58 12 reHotteereide EJ. 7p J 


T ° 1 fa 3A 
H id 23 

1231 LI 
022 3.7 
^66 

^ 14.3{ 36 


83 36 RanseatWmJlOpJ 83 +5 ft, 11* 33 16 26.9 


271 102 meahra* Hldgs 271 +2 ft 

219 139 RentAiliap 212 

£240 £175 {SchenaqAG DM50 _ £195 +1 02 

107 1 54 fottliffrSpeakmM- 107 +1 
121 54 Ifhagar Banin Up. U4 L-l 

248 144*Jybi9 Pskapo, lDp _ 248 ...... ■ 

615 368 nvardle Storers 10p— 615 +15 1 

77 51 WrtrotwartfciaLlOp. 74 +14 1 

370 253 WanMneRM- 365 — 

254 1162 lYorMkre Owres._J 254 T+l 

DRAPERY AND 
STORES 

293 17 fMes&JnretejMO-J 278 J+UOj 1 

I 368 Ul lAlerailOp 357U+2 

I 90 53*4Mrin«10B 83 -1 ■ 

1170 105 1 Da. BVpcCrCndhlPf _ 178* 81 

60 14%'Amher Da, 2%p 62 -2 

I 3Z3 200 lAo nasrarom 5p 315 +5 

•9* 65 Oa'A'Sp 86 +4 

213% 160 lAsWey(Lajra)5p. — 197 -1 2 

755 545 Msprer 75S +20 1 

, 126 Bb MuumraclOp 126+2 1 

185 93 BeutUeCJJV 178 +3 3 

1 180 95 MedfcrdnWn)5p_ 175 -1 d 

175 136 SenUkslOp 158-1 2 

BOO 225 kSkBdkGnapeaAS. 225 — 

‘29% Z%Bfe*sLemreGpHp- 29e +2 
158 108 MlandanblOp — 143 -3 t 
845 368 Bod, Shq# b*5p — 760 +10 16 

80 24 Bofton T«_5p 46 

124 66 IBrerroer_, 122+2 1 

648 408 Brown *N) 2 Dp 648 -2 

359 249 Burton Gra*> 50p — 315+1 1 

520 470 Canton 20p <70 12 

195 159 Da'A'ZOp 188 12 

162 70 Casket (SJ lOp 162 +9 Id 

298 145 KhetaaManSp— 298* +5 

490 430' Church 490 +5 

705 460 Coals Vl,eUa2Qp — 694 -1 al3 

314 261 Coles MrerAJODO- 314+8 d 

439 205 Conte. £ 09 . 12%p 413-1 f 

ZU 142 Coorts'A' ZJ3 +1 

655 410 DAKS Stepson 605 -10 
36*2 24% fDe Brett £Aodre)10p. 35% — 0 

360 175 +O*6forl0p 335 

85 64 Dewterd (I JJ lOp— 85 +2 ho 

425 304 OiraaGraualOp — 373 -2 nF 


271 +2 94.73 2 3 21 ZJ2 

212 lS3 2 ID 22D 

395 +1 024%| 27 21 17.7 

107+1 H - - 373 

U4 1-1 {42.I 22 220 

248 L.-.. «13 30 L9 22.7 


lie stores lOp- 615+15 Ik! 12 M 3L0 
rtwotftlriLlDp- 74 +14 L75 23 32 185 
nkotareRb*- 365 — 9J 3D 3.4 135 
tire Choes. —J 254 1+1 5^ 36 27 11D 


357U+2 kl k 23 k 

83-1 nl3 4 25 » 

178* 8%% - 74 - 

62 -2 352 

315+5 22 L7 LI 634 

86 +4 25 L7 *D 17 J 

197-1 225 24 ID 30D 

755 +20 10X 3.4 LB 220 

126 +2 16 ! ID 65 2L7 

178 +3 3.4! 27 27 194 

175 -1 d+J 20 35 19.7 


350 240 Uanes Strood 

9B 43 J+Kew mSptcat- 
78 55 Mtero>Tetn*5p 

480 250 Wodelnl 

95 65 reLPA Industries 1 

23 7 IVLaser Lab SA05 

356 248 jLfcRefrte'rrt* 
35 18 (Lericoo IncSODl 

343 210 {Login 20p 

1Z1 65 Eo«t(k5p 

240 165 MorfoiEJects— 

494 372 UK Electric 

655 310 tf+lHT Caaptetog! 


. S>a & Cant. 10c J 217te|+% 
SB Electrical 2QpJ 160 +5 

■sStrood J 348 ‘-2 

ew rn Spurn 1 M*f+6% 

tok-TetoUk 5p 65 —J 

hint 480 +7 

PA Imkatries lOp J 81 -5 
tserLabSA050J 14 . .. 
(ReMgerMira— 335 


* Li. 4> 

23 4* 26 1L2 
3Dd 4 1.4 k 
L29 28 25 195 
185129 33 135 
131 4 24 t> 
ttUiJD 23 165 
13q ID 17 20.4 
110 20 54 13.4 
bQ5%i 3D ! 8D 35 


1987 

K* Law 

34 23 

45% 33% 
<75 335 
<8 27% 

188 99 

673 437 

Ul 101 

141 108 
700 583 

152 114 

•108 26 
248 155 
795 575 
243 KB 
•269 130 
187 102 
117 66 

357 172 

£2Z7% 062% 

1 53 120 

78 56 

195 154 
314 196 

423 250 

270 227 
124 64 

131 47 

281 180 
*114% 72% 
93 60 

U3 66 
46% 33% 
143 95 

365 Z7Z 1 

154 DU 

494 312 
147 95 

320 232 
218 140% 

342 185 ' 

74% 51% 
MB 446 
500 395 
143 13 

103 47% 

*158 117 1 
95 78 

255% 175 
47% 32% 
179 102 

358 252 
95% 61 

•152 90% 

98% 67% 
49% 35 I 
36 26% 

778 447 
100 67 

245 89 

3U 236 
177 124 
114 67 

279 129 
285 189 
51 31% 

254 47 

213 69 
317 Z35 

40% 1?% 
783 <10 
272% 160% 
345 215 

•ISO 100 

152 89 

95 61 

150 75 

80% 48% 
537 287 
124 

214 131 

exp, aok 
158 113 
106 43 

•74% 46 
373 285 
163 102 
203 262 
765 S5B 
IS 73 
510 370 
372 2 42 
171 77 

153 103 

183 148 
877 755 
210 117 
350 164 
•158 62 

no 90 

5*5 197 
217 160 
116 78 

68 Wt 
387 257 
•191 122% 
72% 41 

142 78 

134 80 


I Stack I Prta 

Burnt El*. lOo (348 

Bra*r Tool So— 45 
!ZZl <7Q 
C-l.lQp 43 

CmforiEog. MS 

CtecfeEna 673 

Cwta B lOp — 145 

dauber! In & Hill 138 

Chagrin Grape So— 700 
0oCa3&Pf5p 252 


+ ort 8h 

Met - Net lev! 1 
34# — 05jU| 

45 +% 1L4d2jl 
47Q +10 IQS 24 


IDS +a 

673 +23 
145 +3 


irwiHw* 355 — 47.9 13 

CamrtmTBW £227% — 03.7* — 

Dade Grate Up -OT-r 153+3 R4J 26 

Me56MeL10p_ 76 

DwrCora 176+9 19J 3D 

Mta Grate 305 -5 74 2.9 

fatten* 5% 41B 9£ 34 

DesootterBras. 255 7 7 3L2 

DowMbmlOp 114-1 05 k 

Kteke 126 — LL75 2.4 

Eetero 200 +4 £023 

EtteriCBJ 98 — 30 ♦ 

FHetodmar 76 35 U 

FMi(G. MJlOp 113 tli U 

Fates td>5a 46%+% 15 24 

£E1 ldtaL2Qp 143c +7 5D5 4 

UMi 3 382 -3 130 Z3 

iartn Eag. Uk> M3 — <0 2.9 

G%*wcdlRL <69 -3 101 ZJ 

HteatPredrin5p 147 2D 31 

HaDEnaSOp 320 +4 10D5 2.4 

Hall (Matthew) 215 .... 5 25 XI 

HaUte 50a S32 -X +IOD 14 

flanvan tate.5D 71 +1 IdilD 12 

Hawker SkkMe, 541 +2 17D 21 

Heath ISaoneD 50p. 490 — bl5D 33 

HM&Snbb 148 W5 24 

HiobntSp « +6 


Jttason&RrtelOp. <lV+2% 0-25 2D 

Jooes&Shtpon 172 1+1 415 2.9 

LakdGrap 3My-% 7J 22 

LeelArtta) lZ%p_ «%td-l 21 28 

Lfamd 152* +1 31 2D 

UojdlF-HJ 95%+% 3.7! L9 

Locker (DSp 48 U 12 

HLHM&ZZII m* 9D V 

MSlnmnllOp 82 — 2D U 

Mansaaete Breeze— 20+1 1X2 3D 

MdCedrte -... 387 tHLC L9 

Weg?m50 166% aL5 43 

HetabwSp 114 +5 hZJ9 2J 

MltiteeSomlOp 265 +1K23 

Idolias 274 +5 81 ID 

Netfsend 51 03 - 

Mediums) 251 -2 73 14 

WreasrTrwJp- ZIO LX! « 

Sorter ChaX20p 317 — 12D 33 

forest (BeoJSp 40% +2% 103 9D 

DottecCtarfMPrf 783 +53 Q7.9K — 

RHP 272% — 15D 31 

fansrees Stas 328 +2 £0 25 

RteeBffe IFDJ tads - 156# — 

RatcftHsIGD.) MS L25 — 

Ml 84* — L3 k 

RktardsILeksJ ISO 3.0129 

RckwramWesprai . 64 — 

Ibteaaon (TkosJ 537 +3 3D 19 

fofeJtorceZb 124 +4 W4.99I2.7 

flctorklOo 283 +1 65 21 

SKFABSk50. £33%+% 022* 23 

SPPlJOp 153-2 325 22 

Sarihe Gordon 10p_ 105* J-% 161^21 

Senior Eng’s lOp 65 +2 2D 24 

SmonEog'g 348 -6 1L5 22 

bOO Group 12B^+1 518 ♦ 

Spiral- Sarco— 295 5.7 22 

Sttereter ladkQ 753 . — ZOO 4 

Stschert & Pitt 5p_ 120-1 

TACElOo 460 852 41 

H Grap SOp 361 Ul 80 23 

feHm 20? - . — I 170 j+2 34 L6 

TtxHie&lQa 253 +3 «?25 

^Thornton IG.WJ jP- 156 L- 13.75 3D 

rhresenBailO 847 1-3 0409^25 


Senior Eog’plOp- 

Steor Eng'S 

bOOGrocp— — . 

Spiral- Sax? 

StareWTlndi.£l_ 
Stochert i Pin 5p- 

TACElOp 

It Grate 509— . 

Te(ta20s 

TnHtC&lOB 

kThoraton (6.W J ! 
nnonDnlO — 


210 +5 

Track Turner I 350 +15 

Track tW.AJ lOp 155«+I0 
Utd. Spring 10a— - 96%f — 
YSEL Consortia a. 536 +10 

V*ktn50p 205 -2 

Victor Proaacts 113 

WJLHldplOp 66 +5 


ssy ^ ^aits im *sj sss= 

in +5 RJ S 3D 1 20 1174 


344 215 

105 66 


)4Si> 329 [..... 

roeltacerublOj 100 f+1 


125 67 iMeltrwareMKfa-l 112 

. 54 17 ( fWc r re ow lutl. Ufa J 44 +4 

336 228 (MeowclOp 293 .... 

42 19 taterarCMtedwlfe- 41 +3 

203 170 h HHrara>.Sw ra i5a. 193 +2 

•138 80 Sltoe8wsSrs5p — - 137 +3 

608 363 ShcraMoiRwro 608 +8 

205 87 lucre FooalOg 1 167 1+7 

147 73 Micro Scope lOp 147 L... 

417 2£6%ta(cniarn(fldgs. 5p J 417 +15 
150 136 >Micrt lease lOp — I 143 +2 
368 190 reMknaysieaB lOp J 368 L . .. 

61 29 MfKro«itec5p- 60 1+4 

300 108 MfersSp 280 

406 280 iMteiCcrttll 290 .... 

170 88 Mefrn20p J I4Z ..... 

60 52 htana, Etadrorees_ 58 — 

87 72 IMenarTfck. Ires. — 83 

04 579 MEC Corpn Y50__J 895 -36 


3D 20ll74 

44 L9 152 
2.7 34 14.9 

45 U 28.9 
8 J 05 362 
33 24 125 
- U - 


X9 ID 2SL0 
2D 05 I — 
4D 05 |42D 


197 L_„ 
70 U% 
132 +2 
96 t+1 

41*J 

126 |-19 
87 L_ 


314 261 
439 205 
Z13 142 


1 188 

162 +9 
298* +5 
490 +5 
694 -1 
314 +8 
413 -1 
213 +1 
605 -10 


350 175 
85 64 
425 30* 
743 530 


143 -3 145 21 45 154 

760 +10 |frl5 62 03 814 

46 — 44J 

122+2 tOi DJ QA - 

*48 -2 75 34 14 233 

315+1 157* X4 23 ltl 

170 .... 1225155 0.7 364 

188 7225)55 14 144 

42 +9 1*L2 L7 L9 39D 

(98* +5 25 6 13 4 

190 +5 95 2.9 27 169 

m -1 al3Jt 24 24 182 
U4 +8 021i L9 4X 12D 

03-1 k<D 21 50 2L4 

33+1 4J 26 3D 119 

05-10 7J 51 U IkS 

35% — 025 64 LO 122 

05 13 4.7 L3 ZL4 

8 S +2 MDb U 14 1S8 


£37{J £23I2jUatarobS3 

87 57 Multltowe EJca 

60 52 htana, Pedroncs. 

87 72 IMerrarTtch. Ires.- 

934 579 [MECCoraiWO 

1U 77%jNEl 

353 250 (Hewmark (Lows) „ 

LZ5 £20 dtekwCoraPrtfl 

93 58 Wtartate Elec 5P— 

£24% 08 Monk Data 'A' RJC2Q 


60 1+4 
280 

290 .... 

14Z 

“’T'! 

» 

83 

895 -36 
110 +2 
353 — 

£25 

88 +3 


♦15* 34 
m3 29 
4 

2362 
1251 21 


L4 245 
lU 3«D 
133 4 
03 26.4 


43 17 

123 113 
451 347 
243 162 
256 181 


rttaitefrSp- 

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setecslOp— 


156 85 toPencnmlOp- 

□25 Cfl7iJPerid*£terer4 


ITeeb-P 123 


: Irierretiorol llfa J 20 
■9 6 Giles (otL _J 256 


cy+yiJ. .. 

“SI*? ianc “5 131 Utferooral Comps 5p_ 2 C 8 : 

IdteU n ° P»*w»Ufa —J 78 -% 

Client Ott%C9S PMHpsFte.5%%— 012% ..... 

rf 7 D 48 U W 1 S* ' nMpsl 4 .nO £LM?+6 

TO 43 L3 193 a, 224 Pita HkSgs.20p 232 .... 

" —155 197 159 Do. ’A' Zfc 179 -2 

,, „ ,, 90 66 FPUswclOp 80 +1 

d re 1 7 5ni 258 176 Plesst 7 227% -1% 

4 di w » jra 175 105 fPt*HKWcEi»ct5o_ 128 +13 

H ^ 170 97 6P<wrerih»l0l.5p_ 1M +2 

l K 9 t A ti ina *70 165 PresraclOo 270 +1 

iS 24 U 171 “ 46 > > «**Kfc5pZIIj 52 +1 

1 44 a \ 77 To» ^ 22 F«**«Srww1oc. 30 -2 

55 25 2.7 192 291 80 faea Grarp 10p 181 -3 

„ ~ ~ ~ 247 195 KfcestWUfa 233 

^ H 7J tne 276 184 Rare! Electronics — 274* +1% 

Jlre In si Til 032% £93% Bo7pcCrij2fi09-U. 032%+% 
^ni 20 24 “2 98 M**«*eGrp5p_. 163 +2 

WD 23 24 20D m loe +Radtes5p 217 +2 

7 7 13 8 W»DaaCipSL20_ 12 

♦if? ¥ ♦ 191 5B 5 Real Time Cunt. Spj 190 +19 

ftK A£ 378 215 lRMHta.5p 224 +1 

fJl HuSii ■» 63 HteckwoodrttaslOp. 91 -5 

♦75 L2 56 tTUJ 60S 305 RodnneSp 305 -255 


743 530 DurhWHIdgs. 10p_ 743 +16 7X 4D L3 193 

151 81 ERA Crap Sp ISld n — 755 

50 12 fEtatSbecRr Prods 17 .... — — 

123% 75 EJKs6GoM15p 183 +3 24 31 35 125 

268 180 Enpke Scores 254 -2 4.75 27 2D 2 01 

3 12 198 Eure Ufa 299 4-530 22 2L0 

311 128 Euro Horae Prods 5p . 305 +57 PL425 4 L9 4 

208 91% Ecratffl 20p 208* +33 (015.4 L+ IDA 

274 128 ♦Reids (Mrs) J0D5- 245 L45c 24 12 371 

297 187 Fare Art Dees. 5p — 281 ..... 55 25 27 192 

189 57 ForddEwm) 10p_ 188+13 — - 

290 207 FomwtsterlOp 290 +25 1653 3.7 31 120 

Z74 190 Freemans 259 -4 Ml 35 22 185 

195 160 FfreuchCflaaecdcBSp. 178 d5-25 2D 40 145 

175 124 (Cabled 5p 170+2 1XS 23 24 20D 

92 75 «ee(CecU»10p — 85+1 t£LC — L6 — 

70 42 KreHtawnSp 70* +8 kL65 4 32 * 


106 60 Cent ISJD Ufa — _ 105 . 

205 131 tooktrerq<AJ— 202 (+1 

295 254 CoUvndteGrp. 285 L 

6b 2B%jGoodmrei Bros. 5p — 63# f 1 

£20% £14%)Great Unranal £20* 

£M% nO’JGUSA EL3* 

1 120 80 HtarataKwoRiai 108 

•2S 186 ItarisIfateaswarZap. 231 

56 28 heiene Lon. Ufa — — 56 

69 42 btaUasGrate5a 65 

148 115 fkHanrrukie Grata- 133 

393 178 ptouse of Lerose 343 

412 180 fflacqiesVer) 10p_ 387 

, 174 86 bones (Ernest) 10p _ 155 

108 73 ^Kent (Jotei) 5p — UO 

I 113 43 Mies Pride 20p 105# 

91 44 pnaZi# 91 

228 142 M CM *ra 225a 

940 650 prertr 935 

550 480 DaNoaVtg 535 

C30)i £21 %|Umtt*d tnc S050_ £275 
I 245 132 lUstf* Chemists 5p— 210 

240 185 Mailed $p 208 

Marks ASoencer 244 


ZBd^MO [Marks ASoencer 244 -3 43 23 25 23.9 

•151 % Martm<A.)20p 141 .... 3.9 2-4 33 1UD 

470 3M MennesU.) 469 -1 46! 53 1.4 189 

623 172 j+Miller6Seihse.5p. 595 o2-25 2.4 05 - 

152 96 MteSamlOe 131 -2 «X91 2.4 4J 13D 

j 805 580 MnsBrosZOp 760 -5 634 4.4 U 273 

359 225 SwUfa 331 -3 150 23 20 Z9D 

470 345 farrer (C J "A“ 460 100 14 30 29D 

685 2B5 j0wen&Rafanson5p- 685 +10 101 — 2D - 

10B 4b tePrel Mural LebSp 106d — — 

180 85 PeatoslOp 180 +18 0.95 62 0.7 261 


1653 3.7 11 120 
Ml 35 22 183 
dS25 20 40 Ml 
13D 23 2A 20D 
Hi — 16 — 
♦X65 4 32 4 
UOJ 13 » - 
4.75 23 30 18.7 
♦71 L2 35 BUD 

T2L0 X4 L4 — 
?2L£ 34 22 180 
U 43 23 153 
X75 29 34 135 
C133* L9 45 185 
122 15 40 19 9 
R4.1 25 43 12.9 
14 L7 38 Hi 
71 3D 25 18.4 
#353 13 31 241 i 
1X75 3D 24 13.9 
0.75 03 ID — 
055 ♦ OD ♦ 
625 4.4 15 163 | 
9£ 17 13 284 
9£ 37 23 163 
024c — 05 — 
bL 2£ 33 OD 49.7 
u3D 31 2D 223 
45 23 25 23.1 
3.1 24 3D 1LO 
4 65 65 1.4 189 
o225 24 05 - 
*391 24 43 13D 
634 4.4 U 273 
15 C 23 2D 29D 


167 96 HI* 

218 108 tRa 
13 8 VR* 

191 58 SRei 

378 215 Weal 
•2U 63 Hoc 

605 305 Rah 
323 160 STC 
270 74 Sara 

245 111 Seas 
440 328 Sde 
Z75 123 fSec 
393 245 (She 


1 Tech. IDdIJ ^ U..I 


245 Ul ScaMroMciOp Z35 +3 

440 328 Schdes(GH) 440 +10 

Z75 123 VSecwarTreSrsttoB. 233 -5 

393 245 (Swruecd Cater 10 b _ 373 -5 

83 55 4St9ne»lnU._— 65 

143 79 Sworn Ufa 143 .... 

ELBA £11% Sony Ca V50 £17(1 

71 49 Sound 0iRsn.5o 60 -2 

BB 37 fSosndtraBSp — _ 78 .... 

155 108 Star Conte- 10p — — 144 +1 

158 90 Store In1120p 107 

46 29 k&odngb Elea Ufa. 44%J+1 

365 ZL5 (SroreneCampriSp. 365 _....| 

101 64 5r*ems Designers 95 +1 

220 170 Systens Rteity. 10p_ IBS .... 

£36,'. £11% TDKCoran. Y50__ £17 -% 

UO no MDSCiradts5p — 1U 

297 150 l+TwecsrnputhtelOp. 297 +9 

480 415 tfeWorwa PtSOO 475 


- U - 
4 U ♦ 

309 04 302 
— LB — 

52 L* M5 

♦ 0.9 ♦ 
X9 L7 207 
46 L2 255 

56 40 60 

- fL5 — 
33 2D 212 
U 0.9 — 

- (51 - 

♦ 39 ♦ 
30 3.4 1L6 
3D 44 8.9 
26 3D 1L8 

<26 33 130 

- - 430 
19 26 135 
45 15 250 
4 t 4 

- OS - 

33 28 142 

♦ Lb $ 
175 (55 — 

♦ LI ♦ 
32 L9 Z2J 

L7 L4 561 
I 60 15 130 


*5 3.7 20 175 
♦1254 21 15 44.4 
2C ♦ 12 ♦ 
1*115 22 36 176 

3 75 45 L4 ZLB 
052 19 12 266 
422 33 21 205 
(88% 70 LO 136 
05 5.9 U 1X3 
tL2 35 21 2U 
dll 67 LO UO 
4*03 U 62 112) 

oji 4 12 r# 

21 5.4 OD 30.4 
055 42 OD 335 
50 ♦ 37 ♦ 
*07271 9.4 09 ILfl 


80 415 [feWawa Pi500 475 — 

76 48 TffameiritSo 58 -l 

54 183 (Tele. Rentals 239 -1 

320 223 FThermal Sorolchc . 320 +2 

766 468 THORN EMI 763 +2 

191% 86% D6.7seCrP112.99_ 190% 

460 258 fhorpetF.W.i 10o_ 440 

342 257 rostnta Corea. YU J 283 -13 
421 305 Twstall Group 5p — 421 +6 

446 347 UEllQp 440 

297 185 United, lOp 280 -2 

•266 181 United Leasing 2Qp .. J 264 

264 153 UU. Sdemd* 264 +2 

560 400 VGlKirtMWrtslQp- 544 

388 227 Vole* Croup 388 +5 

103 66 WajueKmlOp-- 77 

•134 75 Wstn. Setect 20p — 134 +3 

425 295 Wttrulr Fka lOo _ 420 -S 

171 61 Wono(ei50p □ 140 +1 

135 51 l+Zygal Dynamics SpJ 130 t+15 


180 85 IPerooslOo 180 

2K 145 f+Pepe Group Ufa — 285 

202 121 (PrecdylAtfred* 158 

98 71 MPracorUHikdlOp a 

54 33*a«anurTe»1S.5p 51 

■«0 232 [Ratnenltfa 361 

238 149 Do. Cm Cm PI £1 .. 216 
2«4 167 (Reed Austn 'A' N/V— 243 

195 100 ^Rrman5o 174 

lDB 46 fi&U stores 12%p__ 105 
#3 38 Oa 31%pcP1. 12%p. 43 

16B% 122%tefflrs 155 

295 210 (fStarOreglQp — 273 
360 19> ftsmrtbowUfa__„ 560 
403 276 Smith (W. HJ A50p- 364 
270 224 


143 8b (Surfer (A. 6.) 5 
134 B4 (Stead &S«t’A* 


Sbopl«L5pJ 249 -6 
riA.G.»5p_J 139 kl 


17B 123 
3X 269 
26% 11 
81 30 

699 443 


ring Grate 2( 
refKuelOp. 
noganllOp- 
rare 20 p 


180 +18 0.99 62 0.7 2U 

285 +5 £50 35 14 27.4 

158 -1 3JTn 0.4 3.4 — 

ft „ . L» 4 U 4 

51% +2% L7S2D 4.7 0071 

361* -6 934.84) 44 10 120 

216* -3 5DWJ- 17 — 

243 +% MU 17 170 

174 +6 u3l2 12 390 

105-1 23 • 33 * 

43*..— 19*- 125 - 

155-1 4A22 35 17% 

273 -2 « 445 12 25-4 

560 +5 160 4.1 L* 242 

364 -6 160 29 23 206 

249 -6 R159 3D 07 4B0 

139 +1 323 25 32 185 

124* -7% 19 ♦ 45 ♦ 

169 +2 tl.tJ 65 L3 15 J. 

289* -2ij 86jdZ.4 <_I 14D 

21%+1V 
79 +1 




146 60 
Q14H 3.1 
12.49 66 


•266 181 United Leasing a 
264 153 Utd. SdenUic— 
560 400 VG Imtrwiems ! 

388 227 Wales Croup 

103 66 FWayue Kerr HI 

'134 75 Wstn.Setea.20i 

425 295 UlfatersalrFicg] 
171 61 Wonoie,50p_ 

135 51 l+iisal Dynamic 


699 443 Sooting SbalQpJ 698 ' 655 ♦ U ♦ 

220 123%I*SSures5d — J 195 hL7S 40 L2 27.7 

247 142 TlOheH BntteuSp J Z36 1-1 L3 5 20 2D 24 2 


192 83 rmre Prods. 10s 191 +1 

180 130 Hp Top Ufa 165 1+1 

■1U 70 TopVatoelodslQp— US +7 

2M 171% Underwoods Ufa — 176 +1 
135 37 UotonlEI’A'— . 105 +5 

186 95 f Usher (Frank/ 5p- 284 i+2 

937 270 WartiWwe 394 +5 

161 'J 107 Do Cn* Red Pri Ufa. 149* -2% 

126 73 Wassanu.WJ 128 +13 

292 255 Widwi 290 ..._ 

127 115 Do 5tecS*Cij0.'- 127 ..... 

293 153 MlgMb 1 J 28 W+5*% 


3D 35 12 15 2 
20 33 L7 214 
23 02 30 - 
23 4 1.9 4 

5 J k i * 

75 3D 16 160 
M - 55 - 
LOO.9 U - 
25 5.1 L2 220 
59k — (4D — 
2305 12 - 


735 573 
321 224 

138 66 

55 37 

590 387 
*26 7 

337 IS1 
108 74); 

393 205 

277 180 

30 W 
407 234 
•208 138 
150 71 

65 3/% 

Z76 1391, 
273 lb? 
*W 391; 
216 135 
38% 13i 
445 166 
81 50 


ENGINEERING 

*er50p } 735 J+ 14 ! 1 

Group 321 1+2 If 

wErg_Zl 138 k& tt 


j»PV Baker 5!fa 

fadWMUGrowu.— 

KSiUCT- 

&Wrtln#L5p J 

*AtteC«*£qa5pJ 

UrearelOp J 

BM Croup Ufa 

Babcock Inti 

paBeyiC. H.l 

®afcerPerid»50B-_ 

taanrolnds.20p.-~- 

aeadoitilOp 

[kBtpetSp — — 

(jirnod (faakas 

mirmlngiBin Mint 

BUdmoete Hodge 

Booth Industries 

Bouhnn WmlQp__ 
BradliwadeQ I 


735 f+l4| 

if 

590 1+5 
24%|+lij 
335 -2 
94 +2 
393 +B 
210% +3 
25%.. . 
366 +6 
206 

148 +2 
64 -1 
262 +5 
253 +13 

wTl 

38%j+iy 

412*1-1 


197 142% 
4S6 SI 

57 24 

262 148 

•4% 318 
413 250 
248 Ul 
861 460 
£550 £495% 
540 365 
235 145 
575 317 
279 192 
121 78 

225% 158 
108 50 

377 2M 
37 151; 

508 338 
112 75 

2U 160 
40 17 

280% 187 
231 ISO 
120 48 

275 218 
505 285 
•213 2Z1 
136 86 

142 U5 
166 140 
225 152 
260 205 

198 93 
115 7b 
•179 115 

337 253 
18$ 115 
300 167 
346 225 

98 47 

430 270 

•208 153 
437 17Z 

310 215 
218 98 

15B 31% 

326 170 
•387 271 

39% W% 
322 228 
£39% £30% 

431 242 

315 133 
634 566 
151 100 

166 136 
23S 150 

306 201 
32S 206 

86 54 

325 246 
153 81 

184 153% 

283 170 

so za 

357 Z78 
51 27 

•552 «2 

HM 4 IB 
175 141 

338 103 

148 86 

96 61 

881 560 

96 51 

615 392 
£492% Ofa 
435 319 
340 228 

193 97 

107 47 

235 Ul 
£21 £23% 
55 <0 


72 43 

307 139 
280 158 
58Z 439 
60 24 

365 130 
•402 225 
•451 295 
965 470 

£ 

233 133 


49 28 

551 376 
118 781, 

267 179 


FOOD, 

GROCERIES, ETC 

I k«H «» I 

Stock 1 Price I - Net JCta 
IA4UD Group — 1 194 U* T3-15j 32 
»8Jted*w5ta-l 444 L._ 1573 23 

■eScftDlOp— J 43 l -J - 

leireeHUgs-iSJ 262 kl 3D|12 
iBGrcop 444**-* ♦ 


AGran 1 444**-3 ♦ 

Brit Foods 5pJ 395e: +Z 733.9 

Fohetres □ 218 4*0 23 

■ Craap^HJ 8*5 ♦F17328 


AsaFsherres— 218 j ..... HDZ 5 

845 67171228 

BSN FrlOO 1£481»+5 iQ70%i3ii 

Barks (SidoeyCi — j 515+5 11L5-30 

Baker S Dt»10p_| 235 +2 lfl 58 
Sjt(A.GJ. ■ A 568 L... 1LO 42 


taar(A.GJ. 
[Bassett Food 
Safari iop- 
Bejam Ufa- 


268«tf+2y 724| « 


rfleriswo Crises Ufa . 90 -2 - — 

Bensford(S.*WJ_ 377 +2 1120 U 

Wo-fcolatelQp — 37 +2 - - 

Bator 886 -1 13.7! L6 

BrrtftwtalOp__J 88 -1% 10.79 06 

Brake Bras Ufa 210 — L22 4.4 

tfli u umak er lp— 33 03 LI 

Cateory Schweppes- MO% +2% M ID 

Cur's Ml Hog 218 — 65 2.4 

3a0ten6Fam- 200+5 tLZS 29 
WreshkeWbateSp- 263 +2 L366 2A 

nWorfsDdrres — 505 — 00 22 

Da "A "W-V 280 -1 BD 22 

SCraswkkMSIlOp. 13S* +2% 585 ♦ 

DdfarTs HUBS Ufa— 1Z7 

KSpafc Foods Sp — 164 -I CZJ il 

BatieistSJSp 225 1329 3D ZD [OD 

K«Carp5p 227 .... 172 U *3 083 

England UJ Sp 166-14 — - 

FFII-Fytes 113* +% #212^35 28 5.7 

FUrer(AJ5o 179 +1 FZ25 50 

FttdiLtmdlZOp 337 +9 1103 14 

FretfteJre Foods 5P~ U7 +1 23 * 

Seest5p 285 -1 132 « 

GteEhrier5p 317+2 *3 2* 

KUalGralOp — 98 +2 122! 22 

bvggs20p 425 .... 5.7 3J 

U&woodlOp 288 +4 g22 4D 

HitordslOe 418 — +0F4D 3J 

Hittsdmm Htdgs Ufa- 300 _.... 32 3.4 

Horae Far® lOp 1« — 635 26 

Hfaf^res Food Sp — 1*7 -1 t«D13 * 

HtaterSaptdr 306 -2 3J 3L1 

keLred Fraron Ufa— 370 .... 3.75 3J. 

♦Israel (Jack U4p. 39% +3% 05 2* 

lMb(WAR3 322 — ♦ 

Krufttac-SLOO £39 Q51D8 - 

Kwik Saw lOp 410 -2 16.C 29 

lares CkdteJI Ufa— 26S ..... 30 4 

L0.(WnJ2Op 634 +4 1130 27 

Wb Cask & Carry — +14 LL55 16 

Matthews (B) 1 55 +11 10.75 45 

Meat Trade Sop. 200 TSJ LO 

startfnlWJUfa— 306 +9 Lb 9.0 


! fcU4p- 39% +3% 

IO 322 — 

LOO £39 — 

Op 410 -2 

Ditto — 265 ..... 

ZOp 634 +4 

lC*tt— +14 

W IK +U 

Sip. 200 

JlOp — 306 +9 

eo) 2*5 

Dtp Ufa- Ea +6 

ads 306 +5 

FetdiSp- % — 

Ufa M7 -1 

Op 280 +7 

trams uow> Itets. 73 *3 

RUM — 339 -2 

♦RegkuHetethta- « -••• 
|tpMtmM.50p— 532 +7 

SabtsbnryCJJ 577 -2 

SahusenlChriaianl. 174* +1% 
+Sra Cwtog 5o— 32SJ ...... 

Sadrrut H'n 12>*l— 1*8 +5 
+S*8rerboO (E.TJ— . 87 +1 

TateSLyieD 8*8 +3 

Tawnff Rotate — K .... 

Tesa5p 5M +2 

Do SpcCrLn 2002-07. £«% -2 

Itngate JJ6 +1 

UnuedBacate MO *2 

OaWwrams 11995) - 180 +2 
Do. w»r«3 am) - 104 +2 
Watson iPfaJrp Ufa- 235 +6 
WessanrodtalOFC- £26%+l 
+WoM5*___— I KL.... 


OJ3 0.7 
1230 ZD 
LO 60 
73 3 A 


161 15 
0400% 25 
♦0.7S15 


HOTELS AND 



♦ 4-f ♦ 

♦ 05 ♦ 

♦ OD ♦ 

2.9 26 152 

♦ 02 ♦ 
20 12 415 
124 0.7 155 
L9 4D m 
♦ 1.4 ♦ 
30 15 22.7 
ZJ U WSJ) 
35 15 212 
24 2 J 200 
k 51 - 
Lb 45 182 
70 ID 191 
3D 10 25 .7 
18 35 19.9 


245 61 
39* |Z70 
£14%) £16 


INDUSTRIALS (Miscel.) 

[ korj Bh I Tld 

, I Stack Price - Ret IC%r firt ffE 

Iaaf hws. 7%p +3 $347 L4 15.9 

.. 390 -2 173 25 21 190 

ABK25 Q4%+1% sQlWa ♦ 22 4 


I _ _ EcBRMatal0p-Ja9>3] >3^ 421440 


231 128 AIM Ufa. 
270 160 5A5DE1 

159: Bb Aronsofi 
170 bfcjWibficr 


Z30 

SAB 

Bros.lOpJ M3 
OtIflp_Jl57 


dS.79 LB 30 22.4 

J 26 45 120 
0.9 4.0 39.7 
40 01 227 


Financial Times TuesdayJujj^gl 


1987 

l^h Law 
65 32 

1K Ul 
228 124 
£3Jtj £27 
36% 37 
318 192 
195 US 
503 303 
IS £0 
•£31% £20% 
37 34% 

144 UO 
248 206 
88 50 

70 44 

•129 37 

•15% 5% 

133 243 
609 315 
41 28 

230 145 
£28% £20% 
393 226 
695 363 


INDUSTRIALS — Continued 

I +or| oh | nd 

aw) stack Price - fart iC*»r Gfslpft 

B HUjtBpJ S3 }...._ HD) • 26 f 
Gra* Ufa- 175* +3 JW ♦ « ♦ 
'tarereUp. 205 ..... 125830 U 26.7 
tB-ffSBO. £31 +2 OZm 36 32 80 

lt5p 56% +4% lfl2D 2.4 750 

348 ..... I5i§35 23 168 

195 fU 63 16 46 195 

-Ufa— 50+5 10D2A 2J 195 

lSklSOp- 115 -2 — — 

0feA_i3i%*+% quad 46 u dd 


a 

IntlirSp 140 

pMreeMP)— 3X7, 

CBgplOp- — . 83 

maorTHisiUfa 65 

UQlid.Tit.5p_ 12S 
see.Br.Em.lD_ 15 
iBpcCMCvfldPf. 633 
sac Brit Ports __ 604 

ttsoc. Eneror 5p 34 

2S 

tnABASU2%- £27 
hErac 398 


aU m-lm.T. 



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5X 3D 30 150 
915% ♦ L3 143 
L76 21 2.7 21D 
165 45 13 183 


110 50 

152 90 

501 2BB 

443 300 
172 133 
•196 141 

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200 97 

228 110 

10B 73 

218 91 

190 152 

131 61 
187 105 
361 181 

64 47 

167 120 

160 12 D 

146 79 

290 165 

55 42), 

52 31% 

24 5>, 

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163 89% 

444 275 

2b 12% 

192 157 
567 315 
230 135 
190 U5 
43 28 

360 225 
393 160 
154 65 

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161 145 
126 Bb 
251 190 

74 51 

630 410 
235 163 
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445 64 
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243 193 
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132 SO 

47 24% 

303), 213 
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136 88 

116 74 

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285 189 
97 18 

*246 164 
558 411 


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90 70 

215 151 

151 9b 
320 274 

129 
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105 58 

99 76 

505 310 
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178 138 
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263 97 

371 294 
310 152 

230 160 
243 168 
256 105 

328 243 
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156 103 
296 250 
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580 455 

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285 175 

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295 185 

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288 145 
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130 92 

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Cadaon50a 712 

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Cwatney Pope SOP- 248 
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Craan (J.) Ub 

KrotamLabs20p. 210 
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CWirtlHE 

=tei= 







Financial Tiroes Tuesday June 30 1987 


LONDON SHARE SERVICE 


41 


INSURANCES— Continued 


un 

Kyi law 



23 
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LEISURE 

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211 ^sneCama&5p 
127 teftrtRadtalOp 

370 CratrallTV 

171 Cfaysafe 

43 KNytraanSp 

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190 SQtteyMtire. 

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250 rvsioo. 

57 
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128 

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223 tet.Hts.U»4s 260 

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129 AfiKtmg E+ lOp — 

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465 Laos loth. £1 
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215 CauneCTJSp 
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214 jEatafFJn 


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139 Perry Group 
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1987 

Hbh Lew 


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Sft 

P/E 

afl.«3|- 

0.7 


OD 60 

D2 

9L4 

74 4 

50 

4 

4551 * 

49 


QQ06d 6.9 

IS 

9,9 

12%) 10 

26 

240 

220) LI 

40 

740 

210(1.7 

39 

1B0 

hlOWLB 

50 

1251 

■20! - 

25 



25(25 

34 

159 

t65)80 

2 2 

6.7 

165>80 

13 

63 

1h503|b0 

Zb 

63 

59^ - 

160 

— 

2JX — 

10 


08dL4 

2.1 

340 

05)163 

OS 

140 

$3£j 

L7 

30 

70 


PLANTATIONS 


1987 

M* Low I 


59 

101 

95 

123 

135 

74 

91 

-63 


860 

£22 

401 

940 


Stuck I 

Rubbers, Palm OH 


M ** 


70 ICOK. Ptants US)5-_ 
70 &wd Central 10c — 
96 Utarrfct* Nly. W. MSI - 
53 bU^rtanUs M50c — 

58 Kirta Keoang MSI 
52 IRawe Evans Inv. Ms J 


59 

97 

93 

120 


1+1 


1304+5 
70 
BB 
58 


42 


Net > Ctrl Sri 


213 
a®?oi 

775 " 


Teas 

840 (Assam DoeaitQ— I 850 , 

as Fuwne6ro.Ei. E-— j mi?..-.. 

228 tMeleod Russet a I 401«3+12 

1 OoJB0pcC«».Pt J 390 

Horan ft — 3 £13 

Wttaraan£lEE 1 765 


560 


90(30 

400 20 
Thb.23 47 
8.4% 110' 
t2O0 40 
203L5 



538 
£17 
343 

UM993 


914 

296 

590 

951 


569 


300 


375 


Bty*ere25c- 


Far West Rand 


Ua^^^rtRQL20. 

666 toaurtduraeMRl. 

bnetaitrinRl „ 

525 |Elartsraiel GkLZOc — i 

157 ErturoU 

304 iHartetseesl 10c 
485 KonlGoklltOl 


09^001*0+62*0 81 
£47V£27iiomhvaal50e 


(SUlfoote»50c. 


£9Z(«j £54t*|tfMl Reels 50e- 
881 
444 
£^ 


440 VentenpmtRl 
237 Westem Arties Rl— _ 

£24i* Western Deep RZ 

49 EjKtpan 10 c— 



tolDOOc 


tQZOOd L4 


«55dL5 


0255d 

Q335d 

0130d 


■W 

OMOd 

1Q125e! 

T0<15d 

0820c 

Q215d 

mm 

^ 5 d 


30 



O.F.S. 


S35 

+3 Qb5e 

10 

920 

+14 0335c 

23 

275 

+15 Q15c 

13 

842 

+14 «B65d 30 

284 


- 

278 


— 

210 


— 

464 

-4 Q150i 

10 

905 

+30 Q420d 

1,9 

640 

+29 Q190o 

L3 


£95 
865 
473 , 

SP 

£11 


Diamond and Ptatimim 


£52 AagioAm. Im. 
512 DeBeen Dt.5c 
300 DaaOpcM^R 
760 IxxtiPtiL 
510 Lydrrtmg 12* 
688 Ks.PtaLlOc 



422 


437rt+17 


’*6 


[+7 



Central African 

rtexoi-za — | a ( — . 

r0BOO04_J 12 4l 


125 


GPj £5 


QWJ 


pJ^MTSl 


£64 

100 

UO 


£ 11 V 668 


£12 


□»670 


*30^ 

03^1 

730 

£30W, 

18 

OBV 

600 

70 

810 


63 


900 


775 


14 

875 

£71’ 

□0 

560 

400 

□9V(0i 


UUex CorpUS SLSO— 

tag. Are. Coal 50e 

Wngto Amor. 10c — . 
WAre-GoWRl 

fiOcSGotdlOa 

Mam Alev C«pUSa_ 
Com. Gold FleMs 


Finance 




fcsfcl Fwte SA ‘ 
n ._ Com. R2^ 
Ahoole Wa2Sc — . 
Hnra5BDL40_ 
tar Wits 50c — . 
FS Iwrslc. 


Kand Land* 15c- 


QOWaad 


RrodUus. Props. RJ, 
(Vogel sZijC- 


Weftern Gold Hldp 50c J 



0 83 

* 23.7 


116 I 45 bAcara Securities 20c 
19 11 VAiro-West20c 

395 1 233 FACHSOe 

pAqurat a Ertia NL-J 
101> 7 RAlUOII&HinertisJ 

40 liytasira6sMngNj.._l 
US 65 PArrstw tarn Res. NL — | 
80 15 MUecErota. 

33 16 pBalaorti Res. 

307 17S FBarradMraw 

27b U no»MibMW2J 


111 

233 

90 

*481 

13b 

81 

25 
« 
38 
123 

8 

26 
1 12 
17B 
359 

34 

148 

300 


Australians 


98 R Bead Corp- 
us bBeugwiiBe 1 Kga J 
44 bBnrorickn 
282 MR6S2 

62 reCrar Bogs) 20c J 

22 WCcatral PacKt J 

13 M«k 6 M(ltAreKliiJ 

7 £racsieMtamNJ.J 

20 Katins Rts Nl 52 — I 
38 bOoertl»Mraiii 9 — 
4 NE' vf CorplOe 

14 " 

62 9Easonet20c 
59 EtdresResouces. 

197 VEnverw Mines 

13 PEndeavaor 20 c 1 

39)yf£aterorBeSld 

83 WwMrikNL 


♦15 


116 
12 
258 

V.- 


24 


w 


1+1 

175 U- 

12 fcl 


Tllwj 

191 


58 42 
382 t+17 
63 
78 
15 
21 
28 

1 * 

75 
124 +1 
284b +26 
21 +1 
bBoi+5 
166 


ABa — 


«35d 


kQ6.9ta 

022 % 

05c 

t01S< 

W6c 


u.ti 


u 


MINES — Continued 


19B7 

Mgb Low ' 


S(BCi 


B4i J 49 bCenEroOMkwralsJ 
568 1 145 l*GMK»iswrfe25e_J 
1 21 I 60 bCreat Vtoor ta Gold -J 
300 1 160 If Haws imsunms20e- 
92 I 4 a If Hm Minerals N.I — 
600 (420 fruroerteMtoLtd 
29 rail 


67 

55 
M 3 
116 
147 

34 
61 
6 b 
86 
% 

788 

92 

129 , 

£’ 

Jf* 

1«1 

•95 

37 

39 

210 

188 

53 
258 
363 

56 

21 

54 
74 

532 

33 

790 

35 
30 

lbO 
19 , 

5 * 

67 

216 

33 

346 

700 

77 



irtfan Ocean Re 

naoParifitNI j 

hnrtacUeCdZOc. 

i.30c — , 

MM, 20c — < 
•INC Mate — 

■aHnrsNI 

ia Met £0c. 

- JKtaOraGoWSl- . 
32 bKriihtnef NL 25c — 


65 IfMlMHMgsSOc J 

3bJfMmeheUs£*p(fte J 
27 WUmoii Secs. 25e — 

13 WH«rt Burgess 20e J 
54 |f NnrnonPy R<B NL—J 
83 btionhB MlB50c.Er^ 

39i Jwtu. halgurti 

24 IfOiUirtigeSOc— . 
20!?Jf0tler EroFn. Nl - 
65 |f Pan Aid MtaM 2! 

108 WPaiKasn25c — 

26 WPafagoiRerttcesNlJ 

109 jParraff MnplEaoSp — > 
2«b IfPeho-Waltsmd 50c 

27 (vPefcanRnNL-. 

12 HPwmaiMMng. 

21 Muiro UiiffrM Grid— 
30 toRegrra Muring 2k- 

284 Wtemson50c 

12 WSamsm E*pTn. NL .. 
363 IfSons Gwa&a ML 

14 jfSihaGaidiicte 

^ijW w riireti Pacdlc — 

nVrmros25c 
sEapTn_ 

1 Res 20c 


66 +5 
104 0*2 
6 

28 1+1 


ki 


+1 

+23 


+38 


70 bUW GririMK NL — .[ 
18 roWta Coast 25c —{ 
149 (Westn. liinmg 50c — 
247 reWtum Creek 20c. 

54 IfWbabsrResrtL- 


rttnaniSMl . 


H( 

Ret 


ai 2 d 


024 


B®* 

M&67I 


■a 


025c 

020c 

♦- 

hQlOt 

03 x 5 

QL5c 

(» 

Qllf 


20 


3.7 


rw 

£rt 


L3 


37 Malaysia hlng. 10c 

1 105 Petal big SMI 

75 (SungeiBesiSMl- 

90 fr»iongl5p 

1105 ITranriiSM] 


160 


joeoc 

0.7 

65 


— 

— 

60 

.. — 

05* 

— 

150 

-7 

— 

— 

68 


KnQZt 

20 

145 


vQUk 

— 

100 


— 

— 

UO 


— 

— 

150 


4*ft45o 

00 


140 

90 

•295 , 

318 

02*4 

355 , 
£ 25 ^ 
442 
166 
100 
580 
237 

mu, 

£2JPj 


1987 


Miscellaneous ■ 


1XZ |-4 I 
54 , 

260 k 15 

57 (+1 
285 
QO 
263 , 

& 

122 
79 

468 

181 

Da 9iffla -952000 J 

THIRD MARKET 


84 WogifrOomuKii 
21 IfCotiy Res Caro- 

127 (Cons. March- 10c. 

37 1 2re€nnei. Im_l rlOp. 

151 Crwnwrdi R« — 

963 ItieirtcGolo Mines 

189 IfHiglnroBd Rn 

ObWteneflrireMpilngSl- 
150 reMcFudey Red Lake., 




485 

35 

125 

83 

15>4 

77 
200 
108 
200 
230 
■62 
41 

78 

66 

140 



Price 

Vi 

Bit 

Ref 

CV 

rw 

Gris 

445 


35(27 

u 

31 





re- 

122 


13J 

25 

40 

O 

■r .. 

- 

— 

— 

14 

+2 


— 

— 

70 


_ 



— 

173 

-S 

_ 

_ 

— 

108 

+13 

0.1 

♦ 

05 

185 


— 


— 

225 

+5 


ra— 

— 

28 


— 

— 

— 

18 

-2 

— 

— 

— 

72ff 

+2 



_ 

— 

63 

+3 

Tf 

9 

22 

1404 


R40 

25 

45 


20 


70 


06 


30 

14.7 


P/E 


140 


4L7 

6 


NOTES 


Unless otherwise imflcatetl prices and net dhrideiids are in pence rod 
denominations are 25p- Estimated pricefamingi ratios and twen ore 
based an latest aiunal reports and rocnims and, where pu^Me, are 
updated un MM-yearly Bgures. PrEs are caicniaad ire -*u«" rrttrRwbea 
basis, earnings per share being compared an profit after taxation and 
unrelieved ACT where applicable; bracketed figures Indicate 10 per 
cent or inure reference if calculated un "ntr ifistrflarton. Covers are 
based on -maximum" dfatrOndmi; (his compares dividend arts ta 

profit after taxation, excluding exceptional proflts/lusses fart utetudina 
estiroaied extern ui unsettabie ACT Yiekts are hosed on uridrte prices, 
are froas, adpiraed ta ACT ut 27 per cent and anew tar valae o( dedraed 
tSstribntkm and rights. 

• "Tap Stock". 

■ Highs and Ltnrs marked this have been adjusted la allow ft* ri^b 
issues for cash. 

T Interim since increased or resumed. 

4 interim since redkiced. passed or deferred. 
ft Tax-free to non-rrsl dents on application. 

♦ Hffies or report awaited. 

f Not oHiclally UK listed, dealings permitted under Rule 53M4)U). 
4 USU; not Hsted on Stock Exchange and company not subjected to 
same degree of regulation as Bsied securities. 

II Dealt In under Rule 53513). 

M Price ai time of ■anoemum. 

f Indicated dhrfdend after poxinp scrip anchor rights issue: cover 
relates to previous dividend or forecast. 

♦ Merger bid or reorganisation in progress. 

4 Not comparable. 

ra Same Interim: rettaced Final and' or rtttaced earnings hKfaautL 
f Forecast tfinoeMt; cover on earrings updated by latest irtefin 
statement. 

| Covet aitaws fur converslimol shares not now ranklag for dlvUeods 
or rartJng only far restricted dividend. 

* Cover does ret allow tor shares which nay also rank tar dhMrod at 
a future date. No P/£ ratio usually provided. 

R No par value. 

B Jr. Belgian Francs. Fr. Freudi Francs, if Yield based on assumption 
Treasury Bill Rate stays undiangeo until maturity ot stock, a Annual bed 
dhridenfl. b Fibres based on prosprena or other offer estimate. 
C Cents- d Dwidrad rale paid or payable on part of capital, caver based 
on dretdrad on fult carnal, e Redemption yield, f Flat yield. | Aronrad 
rtridead and yield, fa Assumed dbriOenJ and yield after scrip bare, 
i Payment from capital sources, k Kenya, at Interim higher than 
previous total, o Rights issue pending, q Earnings based an preliminary 
figures, s Dividend and yield exclude a special payment- 1 Indicated 
dividend: carer relates to p revious dividend, P/E ratio based on latea 
annual earnings, a Forecast, or estimated annualised drridend rate, 
cover based oa previous year's earnings. V Subject to local tax. 
a Dividend cover in. excess of 100 times, j Dividend and yield based on 
merger terms, z Dividend and yield {nchtie a special payment: Carer 
does not apply to special payment A Net dividend amt yield. 
B Preference dividend paaed or deferred. C Canadian. E Minimum 
tender price. F Dividend and yield based on prospectus or othgr offlrtw 
estimates tar 1986-87. G Assumed dividend and yMd after peering 
scrip and/or rights Issue. H Driidenf and yield based on prospectus or 
other official estimates tar 1986. KDMtieod and yraW based on 
prospectus dr other official estimates (or 1987-88. L Esttantted 
annualised dfartdeod, cover and p/e based on latest annual earrings. 
M Dividend and yield based on prospectus or other official estimates tar 
1985-86. N Dividend and yield faced on prospectus or other official 
estimates for 1987. P Figures based on prospectus or Other official 
estimates tar 1987. Q Grass. R Forecast annualised dMd 


p/e based an prosoecuts or other official estimates. T Figures 1 
W Pro forma figves. 2 Dividend total to cfette. 

Abbreviations: ri ex rivUeod; k ex scrip issue; «r ex rights; a ex rtfc 
dn capital distribution. 


REGIONAL & IRISH STOCKS 

The following is a selection of Regteul and Irish stocks, the latter being 
quoted in indi currency. 

Albany Inv 20p 

OrigGRosell 

FntiwPfcg.5p. 

Mdtltal2Sp 
loll son. a 

L_ 

FrarillVtaMBB-l £UP,|..._. 

RaL9V%84!89 I E9B»?! 



TRADITIONAL OPTIONS 

3-month call rates 


Industrials 

Allled-Lyons. 

Annual) 

BAT 



Ladbroke 
Legal & Gen 
Lex Service 
Lloyds Bank 
Lucas Inds, 

Marits & Spencer 

Midland Bk 

Morgan Grenfell 


A select! on of Options traded is given on the 
London Stock Exchange Report Page. 


r 





LONDON STOCK EXCHANGE 


Financial Times Tuesday June 30 1987 


Account Dealing Dates 

Option 

•First Declare- Last Accennt 
Dealings tions Dealings Day 


Jon IS Jnn 25 Jnn 26 Jnly6 

inn 29 July 9 July 10 JniyM 

July 13 July 33 July Si Aug 3 
« New time dealinaf may take Place 
from 9-00 am two hMhteu Hays eariler. 

A disappointing response by the 
pound to the OPEC agreement on 
oil output ceilings cast a cloud 
over the OK securities markets 
yesterday, Government bonds 
save ground, albeit in Quiet trad- 
ing, and the first day of the new 
equity market account saw only 
the oil share sector in strong form-. 
Industrial and consumer shares 
closed mixed after a cautious ses- 
sion, drawing no benefit fron an 
optimistic forecast on the British 
economy by the London Business 
School Property shares, however, 
continued the sharp up ware re- 
nting sparked off by the latest 
property deals in Central London. 

At the close of business, the FT- 
SE 100 index was 2.0 down at 
2288.3, still 31 points short of its 
ail-time high reached just after 
Election Day. The FT Ordinary 
index at 1784.6 shed 6.1. - 

The sluggishness of the indust- 
rial sector was all the more mys- 
tifying for market traders in view 
of the OPEC-inspired US buying of 
British Petroleum and Shell Seve- 
ral analysts admitted that they 
expected both gilts and equities to 
open firmer. 

•* it was sterling that upset gilts, 
and it was gilts that upset 
equities,’' was the most coherent 
explanation of the day's trading. 

The dip in the pound revived 
the equity market's worries over 
the slowness of foreign buyers to 
re- appear in London after the UK 
general election, and was 
reflected in falls in Glaxo, Fteons 
and other slocks previously 
favoured by overseas funds. But 
major exporters like Imperial 
Chemical Industries and Jaguar 
also eased. 

There were bright features, 
however. Domestic fends were 
buying into insurance, property 
and property- related issues, 
including Land Securities to 
MEPC and British Land. 

The day started with Salomon 
Bros, the US house, successfully 
selling off a bought deal of 7.5m 
shares in Atlantic Computers. 

Unilever and Lloyds Bank were 
good markets after their respec- 
tive share splits, and midland con- 
tinued to stand up weli despite 
the persistent fears of a rights 
issue. Transatlantic buyers con- 
centrated mostly on oil shares, but 
Saatchi & Saatchi continued to 
advance In response to the re- 
organisation of the US operation. 

Government bonds ended with 
net losses of of a point having 
steadied in laLe dealings after a 
day of light selling. Sterling's 
overnight weakness in Tokyo set 
the scene for the day's gilt-edged 
session. Traders said that sterling 
was the only factor In the mar- 
ket— they were unperturbed by 
Friday’s £500m taplet issue. 

The big-four clearing banks 
moved narrowly. Midland slipped 
back to 622p during tbe morning 
but picked up well late in the 


Government bonds fall as pound eases and shares 

est buying ttma 

II turn sluggish in sympathy fig 


Traditional Options 


session to close a net XI higher at 
B34p after a turnover of 3L2m 
shares. Lloyds, quoted ex the one- 
for-two scrip issue, were 4 easier 
at 384p. Barclays and NatWest slip- 
ped around 4 apiece to close at 
501p and 730p respectively. 

La the merchant bank Schroders 
leapt £1 i 1 6 to £12 following a press 
recommendation. Favourable 
comment in the weekend Press 
also triggered good support for 
Goode Durrani & Murray which 
jumped 31 to 231p. Good interim 
results lifted First National 
Finance 4 to 319p. 

Insurance brokers provided two 
Of the da/s outstanding features 
in Stewart Wrightson and Willie 
Faber; details of the agreed mer- 
ger via a share exchange of 3 Wil- 
lis for every 2 Stewarts were 
regarded as extremenly generous 
to Stewart Wrightson, shares of 
which spurted 85 to 585p. The rise 
also reflected vague rumours of a 
possible counter bid for the com- 
pany. Willis Faber, on the other 
hand, dropped sharply to close 37 
down at 400jx. Life insurances 
showed London and Manchester a 
late Teature and finally 24 up at 
310p. 

Buildings showed Alfred McAl- 
plne a strong market and 24 up at 
662p following news that the com- 
pany is proposing to build a vil- 
lage comprising 3,000 homes, a 
business park and landscaped 
country park at Caxton Gibbet, 11 
miles west of Cambridge. 

Turriff Corporation put on 13 to 
392p in the wake of Press com- 
ment while suggestions that Raise 
Industries is set to bid for TUbtuy 
Group left the latter 22 up at 404p. 

Horace Cory captured the lime- 
light in the chemicals sector, with 
the shares 8 up at42p; a statement 
by the board of directors said they 
knew of no reason for the rise in 
the company's shares. 

Second-line stores displayed 
some outstanding gains. Favour- 
able comment prompted interest 
in WigfeUs, 5446 up at 288p, and in 
Fentos. finally 18 to the good at 
180p. Hopes of a " shell ” situation 
developing in the wake of last 
Friday’s offer from Mr Darryl 
Phillips' Windstorm lifted Acsis 
Jewellery another to p. Other 
asset value situations to benefit 
included martin Ford, 13 up at 
188p, Lama, 6 dearer at flip. 
Blacks Leisure, 2 dearer at 29p 
and Stormgard, 146 up at 2146p. 
Wilding Office Equipment closed 
20 up at255p following the interim 
figures. Dealings in European 
Home, suspended at 248p an Fri- 
day, resumed following the purch- 
ase of Scholl Internaional at 305p- 

GEC were briskly traded (some 
12m shares changed hands) await- 
ing today's announcement or the 
preliminary figures and settled a 


• First de»! ,ngs ;5j * 

• Last dealings July 3 

• Last declaration SeP* 24 

asMiMSS % 'yf ®--;'- - 

thV 

group for £143111, continued to race the balboa pne Bcja®, 

ahead; in its latest Property Bulle- the ^ew Yorkmarket Th CbarterhaU. ^ Rotaprint, 

tin broker Morgan Grenfell says remained ofSe Smito 

many funds are still underweight “ JffhiuKi nrice or ®*acks LoSfi. Edoond 

in the sector. In the leaders Brit- outiMkfor ttebnUionpriceor ^.g Reonrtes, 

lsh Land moved up 1246 to 317p- SSftSf Ld Moite WateriSGUW, 

helped by a specific “buy" recom- eqaUy Proper* 


Industries, 


FINANCIAL TIMES STOCK INDICES 


Government Sees. 


Fixed Interest 


Qnflnryf . 


0nl.DW.YWd 

Ewings Yld-WMI) 

P/E Ratio (net) (*> m 

SEAQ Bargains IS pm) 
Equity Turnover l£nti — 

Equity Bargains 

Shares Traded GnD !— 


121 Ut 122 U3 3h 

.74 7.70 7.76 7.78 7.87 

1.90 15.9S 1525 1583 1564 

585 55,706 92,659 40,002 4L368 

— 170588 157850 164423 1589.42 

— 55224 49364 454394 54.124 

— 8422 6702 593.0 598.9 


1987 | 

Since Compilation 

High 

low 

High 

Low 

9332 

84.49 

127 A 

4908 

(SO) 

(60) 

W1/35F 

OT/75) 

99 22 

90^3 

105.4 

5033 

05)6) 

am 

(28(13/47) 

(3/1/75) 

L80L7 

L3202 

L80L7 

49.4 

dm 

am 

Q7/UB7) 

QMrtO) 

485 U 

2862 

734.7 I 

433 

Q4/4) 

ova 

05^831 1 

(2b/iom) 


S.E. Al 

mVlTY 



men data on from Morgan Grenfell, sector, Tf - 

while Land Secnrittes added 15 at TRADED OPTION1S 
S77p. MEPC 16 at 571p and Bose- The week got off to a decidedly 




sca-siKHtwa 


hanigh V* to £11%. Acquisition fi j ow q+nrt in traded options, total 
news boosted Parkdakt 13 to 196p. contracts struck amounting to 


Newsletter recommendations OD jy 34135. British Gas remained 
were responsible for lifting Hell- the fore with 3,013 calls and 


cal Bar 17 to 287p and Caird (A) 20 2,035 puts struck, while GEC, pre- 
to 280p, while favourable com- ijminary results scheduled for 


L56 GRt Edged Bj 
_ Eqmtj Batga 
Equity Value 


5-Day Average 
Gilt Edged Bargains . 

Equity Barqafac, 

Equity Value 


( Opening 
17882 


Day's High 1790.4. 


Day's LOW 17813. Baris 100 Govt. Sea 15/10/26, Fixed lot. 1928, OttSnary 1/7/35, Gold Mines 12905, 
SE Activity 1974, **0*1539. 


LONDON REPORT AND LATEST SHARE INDEX: TEL, 01-246 8026 


were prominent at i88p, up 21, in 
response to a newsletter recom- 
mendation. Investment demand 
left AFV Baker 14 to the good at 


while Shanwware improved IS to SelecTV 7 to 40p. while Television 
270p for a similar reason. Wyn- South highlighted a relatively firm 


dhaca Group, reflecting property TV sector with a rise of 7 to 397 p 


acquisition news, advanced 18 to reflecting 


735p, while good preliminary 256p. Buyers continued to show today's half-timer. 


figures prompted a gain of 60 to 
795p in A. Cohen. Trading news 
was also re spon sible for a ris of 10 
to 536p in VSEL Consortium. Davy 
Corporation firmed 9 to 176p 
awaiting Thursday’s preliminary 


interest in Seed Executive, up 35 Earl attention in Motors centred 


more at 885p, ahead of tomorrow’s on Dmrtr; despite revealing pre- 
preliminary figures. Weekend lim inary profits a shade shy of 


ment in the weekend Press dire- today, attracted 2.147 calls, 
cted buyers towards estate agents 
Connells, 30 ahead at 428p. ■ — ■ ■ — 

Hanover Drnre Jumped 15 to 390 p- 
Courtaulds edged up to close 5 TRADING VOI 

dearer at 477p following tbe 

announcement of the proposed The following is based on tratfing tof 
acquisition of Martin Processing yi 

Inc. of the US. MP1 specialises in Votene acting Day's 

enhancing polyester film for Stuck 000’s price change 

application on windows 'of vehi- asda-Mfi 5250 194 

cles and buildings in order to con- A nted Ly ons^ — _ 468 429 

trol heat glare. Munten, reflecting * nB *KP W, 

Press mention, gained 10 to 58p, 

the price given iTsaturdays issue Brit. Foods- * 395 

was incorrect BET-. 

The OPEC agreement on a col- BOC-—-. 

lective production ceiling of 16.6m 

b-'d for the rest of the year and 

news that Norway is extending its Barclays 

7.5 per cent reduction In planned Bass 

outoutfortherest of the year gave geectrem- 


r » ff I Dares 

SKT^II* 

{SSL Puts were arranged in 
Cbarterhall. Bala Resources and 

Pentiand Lndnstr ^ fltl Sted in 

double option was MSactec m 

Berkeley and Hay HilL 


TRADING VOLUME IN MAJOR STOCKS 


The following is based on irafing volume for Alpha securities te* 11 through the SEAQ sysie 
yesterday until 5 pm. 

rw- nwc Vtiunw Closing 0a> S 


Stock 
ASDA-MFI 
Al Red Lyons- 


BAT 

BET 

BOC 

BPB lads. 

BPCC 

Brit . .... . 

Barclays — 


Press mention prompted fresh beat estimates, the shares adv- 
demand for Pearson, which gained anced 10 to 2S4p as the group's 


liminaiy profits a shade shy 06 a major boost to the oil sector. A 
best estimates, the shares adv- near 50 cents a barrel rise in 


18 to 723p, while others to respond progress over the last year cou- 


statement, but profit-taking dip- to newspaper mention included pled with future prospects led 


Beectam 

Blue Circle 

Boon 

Brit Airways— 
Brit. Am — — 
Bril. & Comm. - 
British Gas 


ped 19 from S.W. Wood at 126p. 

Having enjoyed a relatively 
lively turnover of late. Foods 
began the new Account in disap- 
pointing form which the majority 
of leaders apparently content to 
trade around existing levels. 
ASDA-MFI hardened the turn to 
194p, although speculation of a 
possible takeover attempt by 
Dixons was greeted with sceptic- 
ism by most traders. ‘Take-pro- 
fits” advice prompted an easier 
tone in Bejam, finally 3V* lower at 
222p, but revived speculative 
demand lifted BK Cash and Cany 
14 to ZSQpt J. England were 
marked 14 lower to 166p in ruction 
to th sizable frill-year deficit 

Leading miscellanea us indust- 
rials drifted off in a low volume of 
business. Among Pharmaceuti- 
cals, Gian eased A to £1614 while 
Beech ata gave up 9 at 560p and 
Boats 6 at 286p. 

London International met with 
renewed offerings at 304p, down 
12, following the expected launch 
of cut-price condoms by a non 


Burns Anderson, up 12 Vt at 226p, analysts to issue “buy* recom- 


and Dwek Group, 10 to the good at men da Lions. Jaguar, on the other 
153p. Sterling Industries, in which hand, eased a few pence to 544p as 


the Cazer Trust hold a controlling chairman Sir John Egan stated 
stake, jumped 25 more to 285p. that the group planned to spend 


Reflecting expansion hopes, LDH 
advanced 40 to 192p and Ashley 
Industrial Trust 21 to 125p. Red- 


£lbn over the next six years — an 
investment which include a new 
sports modelrumoured to be the 


fearn Glass, on. the other band long-awaited “F-Type.” Distribu- 


dipped 34 to 554p on the agree- 
ment to acquire Flexpack from 
Bunzl for £ 19.5m. The deal is to be 


tors, heavily bought recently amid 
considerable takeover chatter, 
continued in quieter but still firm 


satisfied by a vendor placing of mood. Modest gains were noted 


3.75m Redffearn shares. Trading 
news left Campbell and Armstrong 
12 cheaper at 173 p. 

Brent Walker provided an early 
feature, rising 28 to 381p following 


shares. Trading for recent high-fliers such as 
11 and Armstrong Lookers, 420p, Trimoco. 53p and T. 
3p. Cowie. 669 p. Dealers also reported 

rovided an early substantial demand for Alexan- 
to 381p following den Holdings, the Scottish-based 


news of the agreed purchase of Ford main dealer, which leapt 
Lonrho’s Metropole casino dhri- lltk more to 57Mjp with vague 


sion for almost £123m cash. The suggestions of property deve lop- 


deal to be financed by a rights meats cited as the reason for the 
issue in convertible shares, will upturn. 

give Brent Walker control of the Property shares, given a sub- 
International Sporting Club and stantial rerating last week folio w- 
Crockfords among others. The ing the sale of the FT’S Bracken 
announcement was also seen as House building to 
good news for Lonrho, and the 
shares, depressed in tbe last cou- meui 

pie of Accounts, rallied 13 V6 to ivewv 

279p. Elsewhere in Leisures, Zetr new highs 

ten hardened a 16 more to 396p, Americans (6), 


few pence better at 241Vfsp. Else- profit making trust initiated by Mr 


where, Velex continued to edge Richard Branson. 


contrast. 


higher at 388p, up 5, but Atlantic Christies International, an old 
Computer reacted 21 to 750p as takeover favourite, encountered 


crude oil prices saw Shell race up iw a— « 

& to £14% and BP touch 390p BrtUkComn. 

before settling a net 10 higher at 

389p; US houses were said to be 

strong buyers of BP where more Brit-Teiecom - 

than 11m shares changed hands. B urg}- — _ 

British Gas edged up a couple oi Bortnq__-- 

pence to 181p on a turnover of 12m cadbu^SAwpsII 

shares. Coals Viyella— 

other firm features in Oils Comm. Union 

included Britofi, up 4 more to 316p C ohs-Go M 

as broker Klelnwort Grieveson 

continued to recommend the stock fffTrw, 
in the US. Enterprise jumped 13 to DfcomGrp— -~ 
305p and LASOKO put on 12 to 328p. EngWi China Ctiys. 

Tricentrol rose 6 to 114Vip and 

Ultramar, a current takeover 

favourite, advanced 4 to 27ip. 

Second-liners were highlighted Globe Investment 

by earless CapeL regarded as a grantee ^ .. — - 

major beneficiary of rising crude 

oil prices, which spurted 9 to p f 

128 s *. Century Oil were 3 up at gkn _________ 

238p ex rights; the new nil paid Gabnes___ 

opened around 41p premium and KanyrT nat 

subsequently moved up to 46p — 

p wMwtmw- a drilling report unset- jci 

tied Aran Exiergy, 5 off at 51p. Jaguar 

Gold mining shares moved 


Stock 

Laribroke 

Land Securities — . 

Legal A Gen. 

Lloyds Bank — 

Lonrho 

MEPC — 

Maris* Spncr 

Midland Bank 

NatWest Bank 

Next 

Pearson — 

P&0 

PiHcington Bros 

Plessey — 

Prudential 

Ratal — 

Rai* Org — — 

RHM 

ReckHt&Col- — — 

Redland 

Reed I nil. 

Reuters 

RMC 


price cltme 


Rolls' Roycc 

RourtreeMac 

Rji Bar* Scotland _ 
fejal Insurance 

SaatcMASaatdii — 

SalnUmry 

Scott & Newcastle. 
4JS00 


Globe Investment 

Granxta 

Grand Met 

Gns^A" 

Gnanltaa Rjt 

rru 

Gainoess— 

Hanson Trust- 

Hawker Sldd 


Shell Trans 

Smith & Nephew _ 

Standard Chart 

Storehouse 

Sun Alliance 

TSB 


Thom EMI 

Trafalgar House . 
Tbouse Forte — 

Unigate 

llnilcver 

United Biscuits - 

Wellcome 

Whitbread "A" _ 
Woolvrorth 


Japanese higher with the help of some mod- 


NEW HIGHS AND LOWS FOR 1987 


RISES AND FALLS YESTERDAY 


British Funds .- 


Salomon Bros placed 7.5m shares 
at 735p. 


fruther demand and put on 16 
frirther to 567p. Kennedy Smale 


« asaswjsa® ss =g~ 

«,i. in , nirrpw mirlcet, ai the SEB^<%,njS8 Si &Rf 

ssrRBf si: sans m,nes <ii -s; , s^ , 0 r ia 


NEW LOWS P| 


Plantations. 
Mines — 


Engineers provided several out- jumped 38 to 296p in response to a activities. Press comment high- industrials (73), insurance (6|, banks (i). an>wn sMpiey, leisure 


standing movements. Camford newsletter recommendation, lighting takeover prospects lifted leisure 


(4), U), Scanro, TRUSTS ft), India Fund. 


FT-ACTUARIES INDICES 


LONDON TRADED OPTIONS 


Rises 

Falls 

Saw 

3 

107 

2 

3 

28 

2S 

686 

332 

541 

255 

90 

541 

56 

14 

44 

4 

0 

10 

85 

21 

83 

90 

43 

125 

1AB2 

635 

1,086 


These Indices are the joint compilation of the Financial Times, 
the Institute of Actuaries and the Faculty of Actuaries 


Option 

ASM LypRS 
(•429) 


CALCS 
| Ott. I Jan.’ 


60 70 

43 53 

22 34 


Mr OdL 

2 10 
8 20 


Option 

Gnomes, 

(*9611 


BriL Airways 
(-1481 


30 — 

22 32 

12 21 


EQUITY GROUPS 
& SUB-SECTIONS 


Monday June 29 1987 


EsL Grass Esl 

Figures Id parentheses show number of Eaiwts Oh. P/E 

Stocks per section - Index Day's YieM% YieM% Ratio 

-Ho. Change (M«J WCTat (Net) 

% 27%) 


1 CAPITAL 60D0S (213) 

2 Building Materials (29) 

3 Contracting, Construction (33) «... 

4 Electricals (13) 

5 Electronics (35) — ___~ 

b Mechanical Engineering (60) 

B Metals and Metal Forming (7) 

9 Motors 05) 

10 Other Industrial Materials (21) 

21 CONSUMER GROUP 085) 

22 Brewers and Distillers (22) 

25 Food Manufacturing (25) 

26 Food Retailing (15) 

27 Health and Household Goods (10) 

29 Leisure (31) 

31 Packaging & Paper (15) — 

32 Publishing & Printing (15) 

34 Stores (36) 

35 Textiles (16) 

40 OTHER GROUPS (85) 

41 Agencies (16) 

42 Chemicals (a)-.— 

43 Conglomerates (11) 

45 Shipping and Transport (11) 

47 Telephone Networks (2) — 

48 Miscellaneous (24) 

49_ INDUSTRIAL GROUP (483) 

51 Oil & Gas (17) 

59 500 SHARE INDEX (500) 

61 FINANCIAL GRGUP(118) 

62 Banks (8) 

65 )nsurance(Ufe)(9) 

66 Insurance (Composite) (7) 

67 Insurance (Brokers) (9) 

68 Merchant Bank* fill — 

69 Property (46)— 

70 Other Financial (28) 

71 Investment Trusts (92) 

81 Mining Finance (Z) 

91 Overseas Traders (11) 

99 ALL-SHARE INPEX(723) 


Fri 

Her 

j Weds 

Year 

June 

June 

J»e 

. a* 1 . 

26 

25 

24 

hern t) 

Index 

Index 

Indei 

Index 

No. 

Nil 

No. 

No. 


British Gas 

can 


_17 21_ 

1 b 

t> 12 

21 28 


70 80 

50 63 

31 47 


84 90 

65 73 

52 61 

41 49 

24 38 


Com. GoM 
(•1020) 


135 1M 
UO 137 
85 110 

64 90 


12 | 37 
35 57 


Prudential 

(•1090) 


I 64 I 84 
100 120 


CtKRaftfc 

(•476) 


ioo no 

76 86 


48 1 62 
26 40 


1 3 

3 10 

10 20 
32 38 


Com. Ulrica 
(•355) 


68 76 

44 1 54 


1 6 

4 8 

14 22 


Cahle & Wkt 
(•391) 


Grand Met. 
(*540) 


Land Securities 
(*575) 


Maries A Spea 
(*243) 


Rotts-Rnice 

('1241 


Shed Tram. 
(■1434) 


37 

55 

74 

6 

14 

15 

35 

60 

17 

27 

4h 

23 

45 

42 

47 

24 

31 

40 

2 

B 

U 

20 

29 

10 

17 

3 

12 

20 

Z1 

Z7 

47 

60 

75 

2* 

9 

13 

30 

48 

21 

30 

2 

13 

28 

63 

68 

160 

190 

230 

5 

28 

115 

150 

195 

12 

40 

75 

122 

165 

28 

60 

48 

95 

137 

45 

80 

m 

128 

138 

2 

4 

78 

93 

10H 

3 

8 

35 

53 

n 

8 

20 

Z7 

37 

44 

2 

6 

13 

27 

33 

7 

15 

5 

14 

23 

19 

24 

17 

25 

31 


4 

9 

18 

24 

4 

7 

4*2 

14 

19 

10 

13 

2 

8 

13 

17 

20 

193 

220 

248 

2 

8 


Vad Reefs 

(*SU?> 



CALLS 



PUTS 


Aeg. 

Nov. 

Feta. 


Nov. 

Feb. 

68 

73 

_ 

2 

5 



40 

55 

68 

S 

12 

16 

20 

37 

48 

13 

23 

30 

8 

25 

38 

33 

38 

45 

35 

44 



32 

17 

— 


— 

46 


— 

30 

14 

25 

— 

30 

38 

— 

90 

1 98 

106 

2 

5 

6 

70 

79 

88 

Z 

9 

12 

51 

65 

78 

4 

U 

18 

37 

46 

63 

9 

15 

24 

08 

103 

120 

4 

12 

15 

47 

70 

92 

12 

25 

32 

15 

37 

53 

42 

55 

60 

33 

40 

48 

4 

8 

9 

20 

28 

34 

12 

16 

18 

n 

19 

24 

22 

2b 

30 

122 

150 

182 

13 

30 

45 

B5 

115 

150 

27 

45 

60 

53 

90 

122 

45 

67 

80 

5b 

64 



2 

3 



40 

48 

57 

5 

7 

10 

24 

34 

42 

U 

12 

15 

12 

23 

30 

19 

23 

24 

90 

120 

144 

15 

36 

50 

60 

94 

117 

37 

60 

77 

40 

72 

97 

67 

87 

107 

17 

52 


107 

117 

— 

15*2 

10 

'8 

s* 

20V 

5V 

10 

10 

16 

St 

51* 

12 

18V 

16V 

20 

2SV 


LONDON RECENT ISSUES 


EQUITIES 


Tr. UV% 1991 
(*106) 


i a 7, 

on! oft 


out — ! 

0% Ml 


M 2 \ 
3A M 


TrJ16%03/07 

(• 121 ) 


2S Mi 

is 2ic 
14 2H 




202 +2 

117 +Z 

110 

21b -1«2 
180 +1 
161 
291 
187 

77 
140 
193 
142 

208 1+2 

140 | +2 
IK 1 
100 

118 |+1 
99ti +ijj 

38 ■ 

100 
265 
97 
190 
94 

150 1+5 
44 I +3 
155 * 


L2-5 3.70 1.7 22J. 
KLS1 L2 33 IBS 
L2.4 2.4 3.0 19.2 


L3.0 2J 23 2L0 
R22 2J L9 26J 
b36 32 L7 25.4 
— — — 7.7 

RL0 4J L8 13J 
L21 3_20 20 207 


L1J.7 4A0 1J 2f,.7 
UtZJ 5S fl.9 27.4.^ 
RLB 4Jt L4 Z3~% 


(Wfon 

Amstrad 

C17U 


Pec M m 
37 — 
29 40 

21 32 


Dec Mar 

J4 — 
27 31 

40 44 


FIXED INTEREST STOCKS 


115 — 

re ioo 

57 73 

33 50 


8 - 
20 1 23 

38 43 

67 I 70 


47 — 

K 44 
25 34 

15 — 


11 - 
20 24 

32 34 

49 — 


1175 (205 
140 170 


52 — 

38 47 

23 32 

13 — 


lb] 19 

8 5 


Btee Circle 
(-5001 


Trafalgar Home 
(*394) 


103 113 

75 87 

55 67 

33 47 


65 - 

48 63 

30 - 

230 — 

200 — 
160 - 


28 - 
42 48 

65 - 


60 - 
100 — 
170 - 


16 20 
91* 141* 




FT-SE 100 SHARE INDEX * 


Dan's Day's Day’s June 

Change High Low 26 

-2.0 I229S3 I222&5 I229L3 


June June June June Year 
25 24 23 22 ago 

227121 228441 Z26&5 2244.6 1649.8 


Wootmortir 

(*410) 


60 j 75 
40 60 


3 8 

12 22 
27 35 


- 43 56 

22 — — 

- 34 40 


- MO Mb 


FIXED INTEREST 


AVERAGE GROSS 
REDEMPTION YIELDS 


Urn Fri Year 

June June ago 

29 26 (appoO 


PRICE 

INDICES 


British GonniH 

1 5 years — 

2 5-15 years 

3 Over 15 years 

4 Irredeemables— 

5 AH stocks 

kuta-Liofced 

6 5 yean 

7 0ver5yean 

8 All stocks 


Mon 

June 

29 

Da/s 

change 

% 

Fri 

June 

2b 

xdadl 

today 

xd ail 
1987 
to date 

122.94 

-054 

12333 


5.94 

14L46 

-058 

142J29 

— 

722 

15L33 

-0.70 

15238 

— 

635 

16120 

-0j48 

166.00 



727 

1384)1 

-051 

138.72 



6.76 

121.74 

+04)8 

1ZL65 


137 

U5jO 

-0.09 

11532 

— 

i-n 

115.76 

-0.08 

U53S 

— 

L69 

12259 

-037 

12332 

037 

, U3 

88-90 

-0.42 

89.48 

020 



British Government 


1 Low 5 years. 

2 Coupons 15 yean 

3 25 years 

4 Medium 5 years...... 

5 Coupons 15 years 

6 25 years 

7 Nigh 5 years... ......... 

8 Coupons 15 years- 

9 25 years............ 

10 Irrede emables t 

Index-Linked 

111 Inflate rate 5% 5yrs., 
IZjlnflafn nne5% 0ver5yn- 
131 Inflate rate 10% 5yn. 
14 1 Inflat'd rate 10% OrerSyre.. 

15 Debt A 5 years..... 

16 Loans 15 years 

17 25 years 

IS Preference^.- — — t 


834 8J» 

9JJ7 8.99 

9JI7 981 

9.23 9.13 

932 932 

932 122 

937 938 

9.46 935 

921 933 

8.98 8.99 


5yrs... 

0ver5yn... 

5yn.„ 


256 25B 

330 3.79 

233 224 

3.73 3.72 


5 yean., 
15 years.. 
25 years.. 


1008 9.79 1 

1037 1039 

103.7 1020 

1022 1D35 


Wpenlng Met 229Z.7; 10 am 22943; 13 am 2292.4; Noon 22902; 1 pm 22908; 2 pm 22900; 3 pm 22853; 330 pm 2286.4; 4 pm 22875 


^ lfeles ‘ values and constituent changes are published in Saturday issues. A new list of constituents 

■s available from (he Publishers the Financial Times, Bracken House, Cannon Street, London EC4P48Y, price 15ft by post32p. 


Bass 

C100U 

950 

1000 

1050 

GKN 

(■363) 

300 

330 

360 


500 

(*543> 

550 


600 

Berdayi 

500 

(rS93J 

550 


600 

MkHasd Bk 

550 

(*630) 

600 


650 

Bril Aero 

500 

(•529) 

550 


600 

8AT Inds 

500 

i*S95) 

550 


600 

BM. Telecom 

280 

(*291) 

300 


330 

Cxfimry Schweppes 

240 

(*278) 

260 


280 


Jan. Ay. 

115 140 

as us 
63 re 


82 89 

60 66 
41 50 


90 107 

63 80 

37 — 


[112 127 

I 77 I 95 
43 63 


[110 - 
72 90 

I 45 I 57 


oa 

Jan. 

17 

33 

38 

so 

70 

80 

3 

6 

9 

13 

Mij 

23 

15 

23 

CO 

48 

73 

80 

4 

10 

U 

22 

30 

47 

8 

17 

23 

32 

45 

52 


1600 180 225 — 47 68 

1650 150 195 240 65 85 

1700 120 170 215 SO UO 

1750 95 145 190 115 135 

1800 75 120 — 145 165 


teie 

Price 

£ 

DnOMl 

Prid 

w 

Least 

Kmc 

One 

IS 

High 

1 

m 

2V7 

Upm 

US 

FJ>. 

— 

U3P 

_ 

FP. 

— 

U5 

#59239 

FJ>. 

207 

w. 

| 

NH 

am 

3%ihi 

1 

M 

— 

9ppn 

flflO 

no 

— 

7«a 

If 

F.P. 

— 

147(1 

» 

£50 

u n 

SOH 

$100 

£U 

— 

7>2 

— 

F.P. 

2477 

10Z>2 

— 

F.P. 

— 

iaoi 

■ 

FJ». 

am 

1380 

__ 

£25 

urn 

w* 

— 

F-P. 

7 n 

a* 

— 

ffi. 

— 

zwp 

#95221 

£25 

2/10 

26 

— 

£40 

12/8 

42 

*- 

FP. 

1577 

lOWjn 

f— 

FP. 

— 

174p 

n 

F.P. 


1216 

{98105 

FP. 

1077 

101k 

— 

FP. 

— 

U8p 


AnalaUM.Cm.Rtd.Pif. -. 

Aab Prop. 5>t% Cm. Com. Red Pri. 2012 

fomdpne Iob. 15% UiaLn. 2007-12 
0ataeiH0U%1aift.Drii.7nT7 

DmoraMt%Can. Cm. Red Pf. 

OBtltt (B) 7% Cm.Cun.Red PrfT 
Cam* Water 9*% Red. Deb. ■m^ w. 

4GM»k Lyms 7% Cjiv Cmi Red Pf. (£1) 
6««ttStiawgk;iinTa9^%M>ai7 

Wt RttM L-wfc 

HM^ Sotrthtm Wau, 7% Rtp, Pri. 1997 

•teiomrideBBpeBd5 20W8a 

Jt^ftmCmCowRedPrftEJj 

w«|Ho^4ssol81,%(M.I(l2037 

On. Zero Cn"- Ln. 2H77 

2®S“fo|W®rrts. 198892 (Ann. Wrrts) 

^^^we^9VV | l K Mt.lML3oi5 

jyfo pclaHi.Dvfa.20u 

Rfld W 2002 <£U 
. ... _ tttek Cun. w, (£11 

SnomiCm. Com. Red. Prt, Q0p) ______ 

TrlaaSGaiTa. 1Q% Dtfa2Q»i ~ 

u *»ite7i?%Cam.Oai.BatP[f.~r ~~ 


□oslas 

Price 

£ 

■fCT 

7ppm 

-3 

LUp 

+1 

111 


90. 


33ppm 


8 WW 


7 


147p 


4/A 

-IV 

7 


1QZ 


100 


138q 

+1 



23Sp 


17Bp 


a* 

-*11 

38H 


loop 

-2 



U 80 


W, 



+2 


150 30 — - 2 - 

160 — 27 30 — 5>a 

365 lWz — — 5 — | 

180 91; 15*i 18 12 13*2 | 

260 - - 39 - ~ 

273 22 Z7 — 15 20 

280 — — 27 — — | 


“RIGHTS” OFFERS 


i Aug Mov Ftb 

12 22 33 

7 18 22 

» 37 40 


Sen 140 2Ua 25 299a 3% (* 

(■154) 160 11 15 19 11 15 

U0_ 4fr 8 12 Z7h 28 

Tneo 500 88 100 — 4 U 

(*568) 550 55 73 93 20 30 

600_ 2fl_ 40 62 45 SO 

Thom EMI 600 165 187 — 3 6 

(•763) 650 117 140 — 6 12 

700 73 100 120 13 23 

7 SO 40 65 90 30 40 

Tnethnne Forte 240 a 31 35 8 M 

(•249) 260 11 20 3 3 24 

280 5 13 17 35 38 


IflBE 

MM 

uua 

Price 

Pau 

w 

Rsnc 

Dote 

425 

HQ 



Ub 

NS 

247 

13 

KQ 


195 

Ml 

_ 

35 

NR 

__ 

210 

NO 

2917 

170 

Nil 


W 

Ml 

1418 

310 

NH 



— ■ 

NH 

— 


| June 1 Jnty | Aag | Sept | Jr*« | M) I Aug 


2 6 9 

7 18 22 

25 37 40 

10 IS 22 

22 28 30 

46 SO 50 


2 7 10 

6 13 16 

15 23 26 


FT-SE 1900 390 410 — - £* J — 

Index HM 3M 3» - - J J - 

(*2288) 2000 2W 315 330 — Oh 2 4 

2D50 Z40 26S 282 - 0 h 4 6 

2100 190 213 235 - Ob S 8 

2150 140 167 190 217 Vi 9 17 

2200 905 123 I5Z 278 0^ 25 28 

2250 40 « 120 145 1 M 45 

2300 3 55 88 U7 15 50 63 

2350 0>z 30 63 94 67 80 85 

Jure 29. Total Centred* 3^892. Cafe 23283. Puts ULS09. 
FT-SE lade* CMB 2^3L Puts L380 

•Omkrtylog seaaky price. 




aiMacr miiuw TOT L UtlBBtM JbNeilWW (OvMlWvl „ O 

«nnn» R FoManmonstedhMend.owerrtpferatfaihM^ 

W P? Fwirai i IwflaBed rBvtdaals tnrar retake ^^ ^y^Uts oroUia-of) 
■nw a t eandup. n FqrecaBi,»estJitBiedaiiiiBalls*difiri*«irtrt«^ B raita 

^ /? Wa> - ha * t>fn ** of ^ oaf 7 riiares as a "haNgJ" h ” W Aii' ■ 

apMlMm » PWag price . » RetefodaceiL « 


sss-ass? Byasga-pT* ® aara 










































financial Times Tuesday June 30 1987 0 


S '- .'.N 

rr; ■*,>)% 


WORLD STOCK MARKETS 



s! 

r _ . - . - *_ l- 


1 \* 1 • « \ 


BAU 
Basque Sen. Du. L 

Bank tut A 

BdwertB™ 
Ckn«fltCBR — 
GwMrlD. 

Driteten 
£BE5.- 
FabriqueNat 
GBlnnoBM. 
GSLIBtuOL 
Generate Bank 

Sew" 

Hoboken 

Intercom * 

KraSettoank 1 

PraHoWtagi 

Petrofina 

£*? Karate BeHje - 
* Sac Gen Beige 
Safina— 

Set*ar~ 

Stamnck Inti. 
Tracubel 

UCB 

Wagons Li ts. 


DENMARK 


BaUica Skand 1 %0 

Cod HaxJeWanfc 1 278 

D. SuW-ertab I 320 

Dm Dansko Bank — | 35? 

East Astatic ' 199 

Formed? Bnraq i 835 

GNT Holding 1 250 

I.S.S.B. Systems — 795 

JjrAeBank 1 540 

Novo Inds.* 280 

PmatfHnken 275.00 

Sootes Benendsmu— 1 900 
Superias 1 234 


FINLAND 


Amw 

KOP 

Kooe— — 

Flmwb Sugar 

Nokia 

Poh Iota ‘B* 

Raima-Jlepoto — 
Stockmann *6' — 

UBF'C' 

Utd. Paper 

Wamila(SU) ... 


GERMANY 


AEG 

Allianz Vers 

BASF 

Bayer _ 

Barer-Hjpo 

Eaver-Verein 

BHF.Bank _... 

, BMW 

Brown Boren 

Convn*r:B.utk 

Com < Cixnmi 

Djimlw-Benj 

Degu'vi 

O'sche Babcock. 

Deutsche Bank .... 
Dreusnrr BanL 
Feld Muehie Nob ... 

Henkel..—. ...... 

Hochlief. 

Houcfci 

H0«Ch Wtrkc 

Hol2mam<P> 

Horten.. 

Huwel 

Kama* 

Kaufbol 

KKD 

KlnetWr 

Li»le 

Luiinama 

MAN 

M.infievnam - 

Merceoe* Hid 

MeiaHgesell 

Mite nth Roeck 

NirtfOrl 

Pa roc he 

Preuuog _ 

Rhein West Elert... 

Rosenthal 

Sowing ... 

Siemens. 

ThfSltn 

Varta — . 

Veta 

V.E.W 

Uernn-WfU 

Volkswagen 


Banco ConTle — . 
Bastogi-IRBS .... 

CIP 

Crrrfila iulktn .... 

Flat... 

Generali Asucw . 
I wlcrmem... _..... 

La Rita see nli 

Monietbson— . . 

□iivein 

Pirelli Co 

Pirelli Spa..—. 

Saipem .. 

Sow BPD 

ToroAssic 


NETHERLANDS 


| Price I + or 
I PH- I - 


AUSTRALIA 


.1 315.10 I -1.0 
.1 1776 001 -12 
.' 29S 03 : -4.2 
3241*0 |-b 
.1 421 Kl I -4 
S23.30 1 -4 

.i«l I .. . 

..; tic i .. 

J 312.50 1-0.5 
1272 30 I -22 
.1333 03 ! -6 8 
. 1117001 -10 
..'■487 00 '-5 
-'231.00 I -5 
I b3tW l -b 
-i 332 50 -35 

■| 30800 +2 
535 00 ; -43 
.IbZbOQ I *1 
■■■ 300.50 | -2j 
■ lit. 70 i -8 J 
.. 39D00 i 49 
.<223.00 ' +11 

.1552 00 I +4 

J 4n7 00 1-3 



. 470 B0 j+2 
17430 1 +0.5 

.141 DO i-0 2 

. 727 00 1 -b 

181.00 *5 
.1173.00 1-4 

■ Ib3 50 1 -OB 

.1945 00 ;-s 

• • 330 50 j . ... 

.; 1920 +70 

.101300 1-9 
.1 1017.001 -7 
.1 157 50 1 +4.5 
.1 21750 I +1 

■ j 261-00 1+1 
. 57000 |-5 

.1 73150 I -11.4 
.12330 -0.7 

.347.00 1+2 
.31100 1-0.8 
. Ib&OO -05 

405.00 I -1 

.! 425.50 1-4.5 


SWEDEN 


AGA(lree) 

Af'A- Uul 

A5EA (Free) 

Atrj (Free) — . 

Altos Cnnrn 

Beger A Fria 

CanJij (Free) 

Ceimiou 

Eiectrohix S 

Ericsson 

Eswhe „... .„ 

MoOchOomsio. 

Phamiacu 

Saab- Scania ( I reel. 

Snndvik 

Skandia... 

SWon EnskiMa 

SKF 

Sl Koppaibergs— 

Svha Handekbn 

Swedish Match 

Votwo B IFr«e> 


Prise I +w 
1 Kronor I - 
J 204 oo l+i 
.j 31630 .... 
.1 360.00 +4 

J 281 

J 174.00 +1 

.1230 

- 230 DO 

- 34730 

J 288.00 +1 
. 251D0 -1 
J 156 

.1 385.00 -2 

.1 20330 

J U030 +5 
. 170X10 -2 
. 25230 —I 
. 12930 -1 
. 339.00 +1 
. 38630 +2 

. 44830 -2 

. 104 

.131030 -5 


Non — 

NOraruU Pacific.. 
Noon Bkn HMI._ 
Oakbndor— . 
PdCtlrc Dwriap— < 

Panconi*! _ — 

Pioneer Cone 

Placer Padllc._ 

Poseidon 

Queensland Cool . 
Samos——.. 

Smith I H.) 

ThmMaiwIde 

Tooth 

Vrtmgjs 

Wetter n Mining., 
Wevtoac — .... 
woodside Petm . 

Wool worths 

Wormatd InU 


(Continued) 

I Price j + or 
J AuitS I - 

— Twin T+os ' 

1 350 f +ai5 

—I 2.70 1 +035 

—.1055 1 


....1 4.95 1 +-0.15 

1 3A5 I +0 15 

1 332 I -0.03 

1 355 I +025 

—1 4.75 j • 

— 1 158 +0.03 

] b 80 1 *026 

— .470 j ... 

455 l-o.l 

1800 1 +0.04 

13.70 I . 

—.1626 1+032 

4D5 +0X13 

— J 2 JO I —0X15 

-.328 ... 

......1310 1+0.1 


FRANCE 




Eropnntt 4'j% ‘73.. 
Emprunt 7% 1973- 

Accor — 

Agence Haras. 

AirUquide 

BIC 

BNP (Cert. Inn.) 

Bongrain 

Boujques 

BSNGervafs- 

CIT- Alcatel. 

CarrefOur 

Club Mediierwiean . 

De Bancalre- 

CoHlWW — 

CGE 

Daman 

Dany— — 

DumezS-A — . 
w Eaux (Cle Gen) — . 

kw- Elf -Aquitaine — 

” Essilor 

Gen.0c£identale__ 

■metal 

Lafarge Copnee 

L'Oreal 

Leqrand 

Malson Ptmtx 

Matra S.A 

Michelln B._ 

Midi (Cie) 

Moet-Hetmessji— 

Moollne* 

NordEst 

Parioas — 

Pernod Rlcartl 

Penier 

Petrates Fra - 

Peugeot 5 JL 

Printemps Au- 

Radtouech — — 

Redout e.— — 

PouSSdUclaf 

SL Gobain — 

Serimeg..... 

Skis Rosygnol 

Telemech Elect 

Thompson ICSFI.—, 
Valeo 


| Price + or 
I Fr s. 

3 1864 ["-5" 

..18759 +59 

J 480X10 +21 


J 730 » -4 

-1 S51 : +b 

-1 2800 +30 

..1 1070 -20 

-1 4690 -15 

-1 2400 . . 

-13120 +40 

J 586.00 +b 
J 649 -5 

J 363.00 -10.4 

J 32030 -1 
._ 2570 ; -20 

.„ 412 +12 

_ 2120 -19 

». 121B 1+36 

- 366.00 I +25 
._ 3535 +45 

J 1170 I -20 
J 13240 I -1-1 
-1 1541 r -4 
_4140 +45 

J 5460 +110 

J 7950 +25 

2270 +20 

3130 l +5 

J 1310 I 

..12580 1-15 

J 78 ( +1 

-1 167 JO +1.2 
-144830 1-6 
..1 970 I -5 
_! 783 I +31 
-1458.00 1-2 
—1 1509 1+4 

, J 671 i +1 
..1 1434 , +19 

_ 2984 \ +23 

... 1502 1+22 

_.l 43030 1+2 

— ! 495 I 

-..1170 1 -10 

... 2950 

... 1330 .... 

_. 565 00 -5 


ACF Holding I 

AEGON -1 

Ahold I 

AKZO. I 

ABN : 

AMEV ; 

Bredero Cert I 

Bjuhrmann-Tet . — .; 
Bardiche Petroleum-..! 
EhemerNdu — . — J 

Fokher ! 

Gist Brocades _ — I 

Hein Mien I 

Hoogottfis j 

Hunter Douglas.....! 

IHC Calland ! 

1m Mueller... 

KLM I 

1 

Nai Ned Cert .1 

Ned Mid Bank I 

Ned Lloyd 

Ore Grin ten.. . 
Omrneren (Van)— ... 

Pakhoed 

Phillips— I 

Robe co_— — — 
Padamco 

Roluicn ... ■ J 

Roremo. _..——! 

Royal Dutch I 

Unilever — 1 

VMF Stork I 

VNU — 

Wessanen 1 

Wolters Sarrtsom 


Price I 
FIs. I 
'b320 _- i 
9500 1 
104J0 : 
15560 : 
483 00 I 
6550 > 

7830 

12.00a I 

54 80 I 
24330 I 
5350 J 
5360 I 

46.00 I 
18050 I 

45.00 I 

55 70 
2230 

68.00 
51.40 I 
14750 ! 
7420 ' 
174.00 
155 50 
44530 
37.60 
7630 
51.90 
10630 
13950 
99 40 
5230 
26930 
1363a 
24.70 ' 
B630 
8850 
13230 I 


NORWAY 


Aker-Norcem— 
Bergen bank — 

BergesenB 

Cnmiuma Bk — 
Den Norsk Credit 

ElSem — 

Kovnos — 

Kvaemer — ■ 

Norsk Data 

Norsk Hydro 

Orkla Borrvgaar.. 
Siorebraiid 


I Price I + or 
I Kroner I — 

— I 79.00 "[ 

-.1 17330 ! +2 
379X10 i+4 
_.i 17830 1+2 
—i 153 50 +2 

— I 100.00 t 

—1 13b 50 ' *0S 
—.207.00 -05 
...i 216X10 I -1 

— 20350 +4 

-. 39500 +1 

— 34200 .. 


SWITZERLAND 


Apia Inll. I 

AkiHJisse I 

Bank Leu — ' 

Brawn Borer) I 

Ciba Geigy 1 

do. IPtCtsJ i 

Credit Su.sse .—I 

EleXIiowjn — 

Fischer IGeoJ 

Hoff- Roche fPtCe). 
Hofl- Roche inO. — 

Jacobs Suchard 

Jehnoli 

Landis A Gyr— — . 

Nestle 

Oer-Buhrfe 

Pargesa Hldg 

Pirelli 

Saiuku (Br) 

SaudOZfPtCts) — 

Schindler iPtCts) 

Slka 

Surveillance I 

Swissair I 

Swiu Bank I 

Swiss Relnsce. —I 

Swiss Volksbfc | 

Union Bank j 

Winterthur 

Zurich Ins.. I 


AUSTRALIA 


ACI InL 430 

A.F.P — —I 

Adelaide Steams ■ 

Amcor I 

ANZ Group { 

Ampol Pet 1 3J5 

Ariadne Asst I 

Ashton. .........I 

Aust Guarani 

Ausl Nat Inds — 

Bell Group — ...I 

Bell Resources..— 

Bond Corp Hkfgs — _ 

Boral — — 

B'ullle Copper 

Brambles lads— — 

Bridge Oil - 

BHP... 

BHP Gold 

Burns Phi ip — 

CRA 

CSR j 

Chase Corp 
Claremont Petio— 

Coles Myer 

Comalco "A" — ... .1 
Comolidaied Pet — 

CoBawAutt . 

Elders IXI - 

Energy Res 

Gen Prop Trust - 

Goodman Fielder — 

HardieUJ 1 

Hartogen Energy — 

1C! Aust 

Industrial Equity. — j 
Jambtrtana tSOcFP) — 

Janes (David) — — ! 

KiaOraGom 105 

Kidston Gold. —1 660 

Lend Lease 1420 

MIM 230 

Mayne NokleSS- — f 460 
NaL Ausl Bank — 465 


Price ( + or 
Frv. 1 - 


KONG KONG 


Bai* East Asia 

Cathy Pacific 

Cheung Kong 

China Light—..— 

Eir+rgo 

Hang Lung 

Hang Seng Book 

Henderson Land 

Hong Kong China.— 

HK Electric 

HK Land 

HK Shanghai Bonk... 

HK Telephone— 

Hutchison Wpa — 
Indust Equity P — 

Jardlne Math 

New World Dev 

SHX Props. — 

Shell Elec. Mlg. 

Swire Par A — 

TV.B 

Wharf Hkfgs I 

Windsor lad. —j 
World l nt H Mgs 1 


JAPAN 


Almomoto. 

All Nippon Air— 

Alps Electric 

Asahi Chemicals— 

Asahl Glass — . 

Bank Tokyo 

Bridqestone — 

Brother inds 

Canon - - 
Casio Conmuters- 
Chugai Pham— 

Daiet 

Datlchi Kan Bank. 
DM Nippon Ink—. 
Dai Nippon Ptg— . 
Daiwa House — . 
Dalwa Sec . 
Eisai— — ., 

Fanuc.. — - 

Fup Bank 

Fuji Film—.——. 

Fujitsu — — 
Fujisawa Elect — 

Green Cross 

Hetwi Real Est 

Hitachi 

Hitachi Credrt 

Honda—.— — . 

Indi Bank Japan— 
IsMtawaliiiu Ha.. 
Isun< Motors—. 

Hah (Cl - 

im Yokado ........ . 

JAL 

Jusco— 

Kajima 

Kao Soap— 

Kawasaki Steel — 

Kirin- 

Kobe Steel 

Komatsu 

Kmtbhiroka — 

Kubota .... ... 

Kumagai— — ■ 

Kyoto Ceramic— 

Marubeni — .... 

Marui - 

Mazda Motors — 

MHiaSeika 

*4 El 

M'Mshi Bank 

MTjWii them 

M'cwhi Corp — 

M'bistii Elec- 

MtHshi Estatr - — . 

MHI ... 

Misui Bank 

Mitsui Co.. 

Mitsui Estate 

Mitsui Tram; 

Mitsukoshi .... — 
NGK Insulators-— 

Nlldeo Sec 

Nippon Demo — _ 
Nippon Elect— , 

Nippon Express— 
Nippon Gakki„. 
Nippon Kogaku— 
Nippon Kofcan — 
Nippon Oil 


JAPAN (Cratfannl) 

j—-— , | Price 

_ J* 01 * 29 I Veo_ 

Nippon Seiko JTTj S5 

Nippon Shimpafl 1330 

Nippon Steel — 315 

Nippon Sulsan 627 

Nippon Yuseti 599 

Nissan Molar 719 

NisvMn Flour — ... 1230 
Nomura-.-.-.- .— 4490 

Wympu', — 1100 

Onada Cement 698 

Oncm Finance 1570 

Orient Leasing 3850 

Pioneer — ... 2960 

Raoii.»~. — 1030 

SP«kyo I860 

SnnwoBaok 2980 

S.viyo Eleo 558 

Sapporo ISOtas 

Sekisur House.— — 2340 

Seven-Eleven 8290 

Sharp 1130 

Stnmiu Coiro — 955 

stuonogl 1730 

ShisciQQ 2150 

Showa Denko 682 

Sony 4140 

S'lomoBank— 4120 

Sumitomo cnem 923 

Surruiomo Corp 1010 

S'lomo Elect — 1900 

S'tomo Metal..—— - 225 
Taiiei Corp lObO 

Talsho Marine ZioQ 

Taiyn Kobe Bank — 167D 

Takeda- — 3200 

TDK 3980 

Tefim 823 

ToaNrmyoKyO 2040 

Total Bank 2290 

Tokyo Marine 2220 

Tokyo Elect Pwr 6600 

Tokyo Gas 1080 

Tokyu Corp 1.760 

Toppan Phm 1MO 

Toray — 710 

Toshiba Elect J 665 

Toyo Seikan ... 2620 

Toyota Motor. 1900 

UBE Inds 477 

Vlaor 3020 

Yamaha 830 

YamaicM Sec... 2310 

Yjmanoachi— 417Q 

YamazjM 1.640 

Yasuda Fire 1 1160 


SINGAPORE 


Bauoead Hldgs 

Cerebos Pauiic. — 

Cold Storage 

DBS 

Ge ruing- 

Haw Par Bras 

Hong Leong Fin. 
inchcapr Bhd — 

Keppel Shipyard 

Malay Banking— 
Malayan UuL lod.— 

MuiU Purpose 

OCBC 

OUB 

Publk Bank 

Simp Darby 

Singapore Air — - 
Singapore Press—— 

Suaus Trading 

Tat Lee Bank- 

UOB 


CANADA 



69485 Alcan 
55+ Algorna SI 
17050 AsamorA 
i 41186 Atco l f 
1251 BC Sugor A 
B770 BGH A 
28000 BP Canada 
8200 BanWor C 
B9652 Bk BCd 
52402 Bk UorM 
; 98345 Bk NScOt 
! 170648 Beil Con 
08431 Bow Voty 
3000 Brafomu 
800 Bromaloo 
198SB Braocon A 
44990 Briiwatw 
135900 Brenda M 
31880 BC ForP 
! 31315 BC Rw 
39025 BC Phono 
200 Bnamric 
19148 CAE 
130400 CCL B ( 
1500 cn. 

2000 Cad Frv 
8100 Cambridg 
20646 Camp RLk 
12483 Camp Rea 
624 Camp Soup 
7200 Campeau r 
6230 CCem m p 
272423 COC 1 
600 Can UaK 
14621 C Nor Wmt 
3275 C Packn 
3300 CS Pwe f 
2600 Can Trust 
280 Cdn GE 
217818 Cl Bit Com 
22400 C Maroon) 
198QB C OcaenW 
280418 CP Ltd 
75629 CTire A f 
8512 CUM A I 
3500 CUM B 
25032 Cantor 
1200 Camon A 
3100 Cara 
200 Cara A f 
43300 Carina A 
2400 Ceianese 
WOO Oentfd A 
WO Centri Tr 
80457 Comkaco 


40 
IB 
12S| 
11% 

- . 

313% 12% 
523 22% 

313*4 IS 
62 59 

SS3% 33% 
318 17% 

542% 42% 
«20% 20 
2W 205 
£23 23 

S3S 34% 

313% 

321% 21 
123 120 

320*4 2B 
315% 15% 
310% 10% 
314 14 

*28% 29% 
333% 32% 
328*4 27% 

333% 33% 
290 285 

320 20 

537% 36% 
315% 15% 
S13*| 13% 
322% 22 
*84% 23% 
*16*4 16% 
405 300 

373 71 

322*2 22% 
321*2 21% 
320% 10% 
339% 39% 
*2S% 24% 
315% 15 

*20% 20% 
320% 20*4 
32804 29*4 
316% 18% 
312% 12 
311% 1f% 
11 % 11 
321% 21 
»% s% 
321% 21% 
31B1 4 15% 


9000 Crowns 318% 18 
50258 Crowttx A I 57% 7% 

6200 Czar Res 2M 202 
2240 Dnrtwn A p 17 8% 

29140 Denison B I *8% fit* 
12300 Oldman A ( 511% 11% 
400 Dieknsn b 311% 11% 
300440 DtfftKO 324% 24% 
8918$ Buna Mine 317 W% 
188380 Dome Poto 115 1W 
1200 OTexbfl 320% 20 
20950 DonHV $18% 19% 
100 Oononue 338 30 

AX) Do Pant A 329% 29% 
58797 Dyfax A 315% 15% 

B690Q Ecta Bay 347 46% 

GOO Emea 313% 13% 
2400 FCA Ml 316% 1B% 
88187 Ftenerdfl 521% 21% 
30345 Fed hid A 317 18% 

10700 Fad Plan 313 12% 

12200 FOty Fm 319 18 *b 

80 Font Cnda 5174% 174 
6000 GendaH 311 11 

6200 Case Comp 290 Z75 

590 dbrttar 311% 11% 
30200 Goklcorp f 510% B% 
78300 Grattan A f (14 MT 
200 GL Forest S4G 48 
1000 Groyhnd S27 i 2 27% 
4800 GuarPA 1 318% 18% 

34308 GuM Can S2S% 29% 
800 Hawker 327 2S3, 

4833 Hayes D 511% 11% 
75487 Hoea Wf 325% 2*\ 
13371 H BayMn a *8% 9% 

4244 H Bay CD 323% 23% 
46306 bnaaco 535% 35% 
52013 Imp Oil A 373% 71% 
182888 Inco 323% 2?% 
250 MM 313% 13% 

550 intend Gaa SM% 14% 
48250 innopac 510 9% 

8250 Inter city 519% 19 
302750 Ml Thom 514 13% 

19600 tnspr Pips *61 50% 

10 Ipsco SIT 10% 

<250 hnco A f 314% 14% 
1100 tea c* B 315 15 

9520 Jonnock SZD% 2D*a 
54 Ken- Add 523 23 

200 Ktena Old *20 20 

52909 Labatt 328% 25% 
15419 LL Lac 548% 40% 


16% 

7% +% 

204 +B 
6% 

0% 

11 % +% 

11 % 

24% -% 

18% 

113 +7 

20 % -% 
19% +*2 
38 m 
29% -% 
15% +% 
47 +% 

13% -% 
18% 

21% -% 
T7 

13 +% 
1B% 

174% 

11 +% 
Z7S -5 
11 % +% 
W% +% 
M 

46 +1 

27% +% 
18% -% 
29% 

20% +% 
11 % +% 
*% +% 
9% -% 

as % -% 

73% +2S, 
22 % -% 
13% -% 
*4% 

ID +% 
19% 

14 +% 

s% +, « 

M% +% 

S’* -** 

23 

20 

2B<4 +H 
40% -% 


14405 

1000 MOM 
4273 Meteon A f 
3200 M Trusco 
114325 Moon 
28 Morphy 
131229 Nat Bk Cm 
5710 Nl Vg Tree 
200 Nil CnpA t 
75833 Nfld LP A 
189213 Noranda 
40246 Moreen 
15817 Moron ord ( 
2000 NC Ota 
WS400 NOT Tot 
1300 Norths* 
B829Q Nun AHA I 
158385 Nowsco W 
31600 Nu Waat 
22000 Marne 
600 Oakwood 
4000 Oakwd A I 
3300 OcakA B t 
3700 Omaga Hyd 
2000 Oonawa A I 
38125 PaCW AM 
70280 Pgurin A I 
30150 Pamour 
4410 PanCan P 
43444 Pegasus 
41204 Pambtm 
8000 PJewi A f 
TOO Ptote Point 
75020 Ptacor D 
23050 Paco Pat 
111BQ0 Powr Cor f 
150 Preeamb 
10060a Proviso 
10000 One Stung 
18 Oue Tel 
110200 Ranger 
1B400 Rayrock t 
5100 Bod path 
6000 Rental R 
<200 Reitman A I 
B588 RIO Algom 
W0 Rogers A 
11231 Rogers B I 
940 Roman 
13200 Rotbman 
419823 Royal Bnfc 
164802 RyTreo A 


% & 
8 6 
15% 15*| 
23% 297a 
14% 14% 
34% 34% 
31 31 

14 14% 

24 24 
12 12 
20 % 20 % 

55? 

28% 28% 
23% 23% 
17% 17% 
28% 29% 
8% »% 
0% 9 

19% 20% 
36 38 

10*i 11 

310 315 

175 175 

5% 5% 

6% B% 
21% 2Vj 

25 25*4 

14 14% 

14 14% 

33% 33% 
23% 23% 

n w 

137a 137 b 
13 13 

19% 20% 
15% 16% 

W% 18% 
305 366 

117b 12 
6 8% 
14% M% 

£ 5 

VPn 12% 
345 350 
23% 23% 
20 % 21 % 
21 % 21 % 
21% 21% 
18 18 
79 70 

33% 337 a 
17 17% 


tfisk low Ctote CtaB 

1570 Scott* « 511% 11% 11% -*1 

WOO seen c si?% n% 12% +% 

26549 Seagram 3i(B% 10*% 10SS* -% 

102908 Sears Cm 311% 11% 11% +% 

5200 Selkirk A I $10% 10*2 18*2 ~% 

50075 Sfrefl Can 347% 46% 47% +% 
1400 Sherritt 38 5% 5% -% 

500 Sigma 310% 15% 10% 

4016 South'* GS 22% 23 

16740 Spar Aero I *20% 19% 19% 

2100 Snlnbg A I 338% 38% 30% +% 

! 19092 SUtt» A 324% 24% 2B% +% 

3820 Tack B 1 630% 30% 30% -% 

4200 Tele Met 329% 29% 29% -% 

24500 Tana Un 250 245 246 

87613 Texaco Can (96% 38*4 95% +% 

31280 Thom N A 333*2 33% 33% +% 

186831 Tor Dm Bk 38% 29% 2914 +% 

800 Tor Sun 300% 20% 201? - % 

42738 TontV B f *31% 91 31% +% 

34500 Total P6t 3051+ 25% 25% +% 

3761 Trader* A t (67 86*? 67 ~1 

1213 Tro* Ml 318 18 18 -% 

6S41 TmAlta UA (29% 29% 29% -*b 

214871 TrCai PL 317% 17% 17% “% 

53575 Triton A *20 19% 20 +% 

321428 Trimac (5 480 495 +15 

7100 Trinity Res 85 84 86 

1640 Trizac A ( 333% 33% 33% +% 

1224 Trizac B 333% 33% 33% +% 

7260 Uteter P 275 205 275 +6 

4QQ0 Un Colt*! 3177a 17% 17% 

4775 U Emprise 312% 12 *b *7% 

27700 Verso A f 71 70 70 -5 

G0300 Vend B 87 64 64 -3 

1500 Veatgron 115 105 115 +15 

4700 Vulcan bid 295 2B6 2B5 -5 

290 Walax A 314% 14% 14% 

24300 Wcoaut T (18% 1H*« 1B* 4 “% 

4000 Wesonfn £Tl*z **% **% +% 

6060 Weston 341% 41% 41% +% 

12600 Wtoodwd A (8*4 6 B*b 

F-No voting rights or restricted voting 
rights. 

MONTREAL 

dosing prices June 

21654 Bank Utmt 333% 33% 

1355 BotntordrA 523% 29 
23792 BombrdiB 323% 23% 

12060 C8 Pak $23% 22% 

41462 Cascades (12% 12% 

14800 ConBom (18% 18 
2006 DomTxtA 320% 20 
400 UmTriH 314% W% 

223636 Natflk Cda 5«% 14 
26952 Noverco 312*4 12 
77854 Power Corp 316*4 16% 

26110 Provige 312*t ** 7 g 
2400 RoHandA (13% *6*4 
15B12D Royal Bank S3F a 33% 

2200 StetnbniA *36% 36% 

11600 Video Tran »1S% 15% 

Sales 4,182.504 ahsres. 


29 

33% 

23% +% 
23% +% 
23% +% 

W. +% 
18*a +% 
20% 

M% -% 
14% -% 

12 -% 
18% +% 
M7« -% 
15% 

3S7, +% 

36% 

157a -*B 


Indices 


NEW YORK-bow . 


SOUTH AFRICA 


I Price i + or 


Jure 

29 

Jura 

2B 

Jraa 

25 

2J4&81 

2.43800 

2451X6 

ijoaa 

1.023.73 

1J3K25 

29722 

207.11 

211117 

- 

!5tM* 

17152a 


tem 0/1} j (22/8/®) 1 12/7/32) 


(12MD) B/1) 1(12/8/87) | (8/7/32) 


1(22^0 (2US) (WD | \WVn 



Jbw 

29 

Jrae 

» 

Jam 

25 

L7EL9 

U3U 

17483 

WObA 

1742.9 
1007 Xi 

U 

UP* 

1B257 



47Q50 <79554 1 475451 


Abercam 

AE4CI 

Allied Tech. 

Anglo Am Coal- — 
Angle Am Corp 
Anglo Am Gold — — 
Barclays Bank—. 

Bartow Rand 

Buffets 

CNAGalto 

Come Finance.-. 

Driefontetn 

Frcegotd 

Gold Fields 5 A — 
Highveto Steel- .. 

Mai cor Hldgs 

Nedhank 

OK Bazaars ... 

Rembrandt— . 

Rust Plat. 

Sal ren — 

Sage Holdings— 
SA Brewers 

Smith fC G.) 

Tongaat Hutett — 


NOTES — Prices on this page are as 
quourd On the indindoal eccftanges and 
are last traded prices. > Dealings sus- 
pended, td Eitbndena * Ei scrip issue. 
a Ex rights, a Exalt. ■ Price ki Kroner. 


MOwntiU^. 


Jura 

12 

Mar 

29 

taarAosMpnO 

2J3 

2J3 

1H 




2D 57 (2271) I 1SU4 16/1) 


5448 1 SAA SOU I 4252 O/l) 


4QL40| 37780 4050 460.4 (260) | 3928 (20) 

78.70 97.9 1172 (2 «3) I 973 QO) 


UUI (60) 

20483 (60) 



MAryW<% 

Ik), m Satie 

(jag Say BoedricM — 

N.Y-S-L ALL COMMON 




| in? 

1 

a 

24 


low 

17355 

17141 

ui n 

MU1 



am 

Bl/« 


BtSFS AND FALLS 




Jura 

Jraa 


28 

25 

24 


1J38 

IMS 

IJJ7 


HI 

931 

814 

_ 

183 

444 

EST 

438 

BBS 

427 


OVER-THE-COUNTER Nasdaq national masket, closing prices 


Stack Srie; Msh law lea Omg 

(Hmfa) 

Continued from Page 45 

pejxtcR 27 393 38% 26 ’ 26 ’ - % 

Orodea 812697 22% 20% Z1% - % 

Orbit 13 231 10 B% 10 

OehBA 84 2S 221 80 79 79 

OsbkTB JO 10 25 29% 20% 28% 

OttrTP 282 12 63 43 42% 42% - % 

OwenMnJ2 15 150 19% W*« 19% + % 

P Q 

PACE 137 67, 6% 67,+ % 

PCS 56 190 U2B% 29 29% + % 

PNC 1X» II 939 <9 487 B 407#- % 

PacdflBOa 21 221 71% 71 71 - % 

PacFriJOe 5 622 22% 22% 2®B “ % 

Pantera 46 94 13% 13 13%+ % 

Parisan 13 127 16», 017*4 177+ - % 

PauJHr 24 174 25*4 24% 25** 

Psychs 43 2B8 26 25% 26 + % 

Payee 32 26 13% 12% «>+1 

PfcflGW 50 648 173* 17% 17% + % 

Panbcs J8 13 39 29% 29 »** + ’< 

Pantmr SB 16 235 28% 2B 28% + % 

PonwM « 170 47 46 48 -1 

PooBnC 1 61 181 68% 68 68% 

PaopHrUSa 272 20% 19% ®% + % 

PSBMasia 170 17 «% 1»a 

PeoWM 192 26% 26% 25% - % 

PntcTe 27 5 17 17 }T + % 

FerpSs 7 178 12% 12% 12%+ % 

Petrite 1.12 29 2B 35% 35 »% + % 

Plmnct 2107 5% d 47, 5 - % 

Phrmt±15a 31 263 24* a 23*8 M ^ , 

Phtwflo 85 11% 11% 1*% + ** 

PteSava 241196 25% M-a <£% - % 

PtcCata 48 18 1 20* 2 20*3 20% 

PionHI 1.04 202600 37% 34% 36% +2% 

J2plyP« 18 12% 12% «%- % 

+*PtCyM(J 27 401 25% 24 24*4 

Pore* .We 1028528 34 S2^ » ~ % 

Posstei 24 13% 13 13% 

PoughSv.100 B 55 18 15% « + % 

PrecCca .08 27 392 38% 35% 38% + *.. 

PrssUs JOB 8 31 17% 17 17% 

PretnCp JO K 430 16% 19% 15% 

Priam 731 <% 4% «a 

PnceCo 32 435 46% 45% 

PreoTR 20 11 33% 39 M 

PrinvO.Wb 63 233 10% 10% 

ProsGp 494 10% 10 10% 

ProtUe .70 W 752 14% 13% 13% ~ % 

PnLfe M 6 623 20% 19% »% + % 

PflSdBs .72 11 97 26% 2S% » “ ^ 

PufttPb .40 36 4 41% 41% 4*% “ ^ 

PuntBa 25 294 27*4 27 27 

PyrmT « i 7 J* 

OMads 937 1*% 1*% IJjJs + *• 

QVC 171 10% 10 10% 

Quadra 167 9% 9% 9% “ '* 

Ouartm 17 782 «% «J«% ® ^ 

Quikalv 20 40 1*% 11% !« 

Ouixto 510 13*4 12 '« 121 * 

R R 

RPM .72 20 630 21% 27% 21% - % 

RodSya 14 69 9% 9% ^'8 

Rainer 1.15 TS 7tfl 53% S3 »% + % 

Reaves 17 319 10 9% 9% - % 

RpcyEI JO 139 6*8 J 7 * J, 

Regina 30 134 41% « 

pntCtra 31 & 2 1 '? ^ .* 

^ JepHx* <77 18% 173c 18 % 


Stock Beta ifigfc taw last Omg 

Btab} 

RopAmJOo KM885 17% 17 17% + % 

ReutrH 59a 902 83% 82% 83 - % 

Reran 24 645 9% 9 9% + % 

ReyRy ,76 15 107 33*, 32** 32% -1 

RhonPl 353 317* 31% 31% 

Rtoilm 338 10% 10% 10% 

RcnmHI 345 16% 16% 16% 

RfggsNd TO 12 201 29% 28% 29% 

RondSvl.10 21 371 37% 36% 36% * % 

RochCS 4010 13** 12 13 + % 

RgrCbA 10 15% 15 W% - % 

Rsvflfd 55 9% 87 a 9%+ % 

RosaBs.Wa 15 Z7 10% 1B*« 18% 

RcwpKh.ia » 187 a 1B*2 U7, 

Rosaftr 1454 8*4 6 6% 

Rouses 40 8011 24% 23% 24% + % 

Ryan Fa 571448 13% 1314 13% + % 

s s 

SCI Sya 2749919% 19% 18%+% 

SCORU IB 345 14% 13% 14% 

SEls 840 17 16% 17 + % 

SW. Sya 286 W 18% 18%- % 
SKF A0 1.47a 154 54% 53% 54% +1 

SPlPh .07 352 10% » 10% + % 

Satehte 67i 578 3?% 32% M% + % 

Saiecds 24 24 2723 20% 20 20% - % 

Sa tecos .96 8 268 31% 31% 31% 

SageSTt 37 341 16% 15 1S% - % 

SUudes 19 460 24% 8«% 24% 

StPautsl.TB 11 803 47% 48% <6%-% 
StdCpt M 77 9% 9% 9% + % 

Sailck 19 229 11 d1Q% «% - % 

SFFdl 158 16% 18 1«% 

Sanlrda 21 17 28% 28 26% + % 

ScanTra 17 7 11% 11% 11% - % 

Scrwrer J2 23 112 18% 18% W%- % 

Scttoiaa 82 44% 44% 44% 

SdVAs >40 IS 1548 31% 30% 30% - % 

Sounds 226272 11% 11% 11% + % 

ScJMic 102232 6% 8 8% + % 

ScotCb 59 85% 2S% 26% 

Seagate 1528132 34% 33% 8^4+% 

SeamF 326 24 23% 23% + % 

SEEOS 06 87, 8% 8%+ % 

Sa lottos SZ 12 231 26 25% 25%- % 

Sensor .05 29 412 12 11% 11% - % 

SvcMer 08 1119 3 77, 8 

SvOok .16 13 57 121* 1Z% W% - % 

ShrMed .72 22 2369 29*, 28% 28% + % 

Shwnl 2JM fl 135 46% 46 46%+% 

Snoidte 27 186 9 8% 8% 

Shoneyn .16 35 580 30% 30 W 

Shorwd 17 816 19% IB W* 

SigmAJ JB 31 40 45% 44% 451* + % 

SigmOs 20 217 14% 13% 141*- I* 

Slfcr.Gr 54 1015 19% 19 19% - % 

S/HconS 22 M2 9?, 9% fl% 

Silictu 24 424 10% 10 W%+ % 

SMvLiS 200 45 6 5% 8 + % 

SIvStMn 39 83S27-W 25-16 25-T8 -VI 
SimAIr 7 27 S’* B** 8% 

Sblnre 25 295 20 19% 19% - % 

SmtnFs 11 2* 21% 20% 20%-% 

SodeiysIJO 10 18 34% 3« «% 

SoctySv JS *1 31 22 21% 2V % - % 

SettwA 19 187 13% 13% «%+ % 

SltwPb SO W 9% B. 9 

SomrSv 26 13% »*, 12% - % 

SonocPS 22 WB 29% 29 »% 

SCarfb -5fl*12?22%22%f2%+^ 
Sound 27 2 20 20 20 + *, 

SthdFn 710 3 d 7 7% - % 


Soatnt JO 

Sovran 1JB 

Speedy 

StdMIc 

StdRega M 

StrplSwIJai 

Stem 

StaStBS M 

SHnc 

StwM J8 

Straka 

SVWbCLSSb 

BbyhlS 

StudLvl 

Submu X 

Suffln JO 

SucnhB J2 

SunQrd 

SunkMc 

Sunwet* f 

BymbT 

SymbOe 

SyaDn 


Srita High Low laa Dwg 


mjb zz%- 4 

367, 36% 

4«, 44%+ % 
t»B 13 + % 
24% 25% + % 
*4% 14%- % 
10 10 - % 
31*« 31% + >4 
26% 27%+ % 

18% 19% 

36 36%+ % 

44% 45 
28 25% + % 


SySteM 
Syoto* .12 

TBCS 

TGA » 

TCBYa 

7GF 

TMK JOa 
TPI Eri 
IS tod, 

TSO 

Telman 

Tancton 

Taunton. 12a 

TchOtea 

Taknwtt 

TfcmAa 

Tetords K 

TMntMB 

Teteta 

Tetean jjla 

Termeni J8 

3Com 

TaktoFe 

TapMM 

TWApf 

TmMue 

Trnwck 

TrtSnr 

TriadSy 

Trimed I 

TwJn 

Tsrtcp \M 

JOCote 32 

TyocTy 

Tyson, 

UTV 

UnsmR 

Unlli 

UnPMrJO* 
UAOrn XX 
UBCol J4j 
UHRCr 
mdSvro .72 
US Bca JM 
US HOC . 16 


io i« a 

10 774 38% 
80 83 44% 
221 13 
21 290 25*4 
93 14% 
437 11 
151039 81% 
17 511 27% 
9 21 19% 
40 1174 38 
15 9 45 

36 48i425% 
W0 67% 
72212 12% 
» 117 15% 
M 87 29% 
*35 18% 
384842 30*, 
W 13 31% 
58 9*7 u33 
3548 4% 
10 09 10% 

13 M 8*. 
398 17% 

26 IDS 25% 

T T 

15 385 14% 

10 25% 
41 375 17 
4 309 11% 

14 26 12 

188 5 

WO 256 22 
9 BB 9% 
K)1 10% 
owes 5*, 
70 14 
20 88 11% 
243438 17% 
34 970 35*, 
456 38*4 
529 14 
191329 12% 
29 117 25 
19 491 32% 
28 1652 20% 
85 289 75 

23 617 33*4 

4 40% 
SO 107 u38 
36 200 14% 
IB 295 9% 

24 493 12*, 
142 15% 

16 81 20% 

30 30 

17 5254 23% 
10 254 11% 
211580 19% 

u u 

23 159 16*, 
6*4581 13% 

181870 15% 

15 29 35 
175 262 29 
112299 18% 

18 38* 7 

7 128 2S% 

IT 624 20% 
203419 W 


US Tht 
UStato M 

UVaBk 1.04 

UnvFra 
UnvHK J3e 


87% 87% + % 
11% fit — *B 
15% 15% 

29 29% 

a a - ' 

a a- + i 

4 4%+M 

10 10 %- % 
8 % 8 %- % 
17*4 17%-% 
26% 28% - % 

a a + ' 
« 18%+ % 
11 % 11 % 

12 12 
4% 4%- % 

21% 22 
9% 9%+ % 

«% 10% 

5% 5% — % 

13% 14 + % 
11 11 %+ % 

17 17 - % 

a a=t 

«*a «%- % 

11 % 12 %+ % 
24% 24% 

31% 32%+ % 
»%«*,+ % 
74% T4% —4 
»*4 33*4 - % 
40% 40% +1 
38% 38 +1% 

a a-' 
20 20 - % 
29% 20% 

23 23%+ % 

11% 11% 

18*8 19% - % 

18 W 

W7 4 12% - % 

M7 # 15%+ % 
34% 34% 

27% 28 

^ *a-i 

Vl W.+ H 


VBand 

VU 

VLSI 

VM Sta 

VMMLfl 

VatFSa 

ValNti 1.44 

Vkxitp 

VlewMa 

VUng 

Vlpora 

WraW 

Voted MSa 

WD401J2K 
Waibro JO 
WaJtSv .14a 
Wbrron 

WnehEaUB 
WFSLa JO 
WktSBa M 
WoHGMOa 
%hcDBlndX»a 
WauaP M 
tMxnFn 
WolbW 
Weacp 
WstAut 
WstCap 
HMFSLIOa 
WnWSW 
I WatnPb 
VWT1A 

| _ I ■ 

vrauioiL 

WmorC JO 
WstwO, 
WaoralXMb 
WUyJAl.W 
WWamtlOS 
I WlttAL 
VfiiSFS 
WIlraTa .72 
WltonF 
Window 
WieorO JO 

Woburn JO 

, WCYS .10a 
WOW 

Worthgs J8 
Wyman JO 

: wy*» 


ZZBstwt 
ZonNU JO 
ZtonUl 144 

Zondvn 


Satat High low lari Ckag 
(HhM 

112 85 35% 35% 36%-% 
20 81 19% 18% 18% — % 

11 170 30% 30% 30% + % 

17 194 16 17** 16 

18 201 77* 7% 77* 

V V 

27 77 20% 28% 0 

180 4% 4% 4%-% 

2901267 14% 14% 14% + % 
29 30 23 22% 22S* - % 

244 232 5 47, 47, 

8 0 16 18 18 + % 
61546 40% 40 40 - % 

59 10 9% TO 

» 317 14% 13% 14 - % 

13 303 17% 17% 17%+ % 

94 75 17 16% 17 + % 

1999 14 12% 131*+ % 

64 48% 48% 48% — % 

w w 

0 65 34% 33% 33%+ % 

11 17 0% 21 21%+ % 

8 13 12% 13 + % 

18 0% 9% 9% — % 

7 206 17 16% «%- % 

8 32 26% 26 0 - % 

53874 33 36% 37% — % 

18 305 207* 20% 207* +1% 

19 60 0 21% 21% - % 

13 48 29% 29% 29%+ % 

118 11% 11% 11% 

18 13 32% 32% 32% 

12 8% 7% B** 

2# 47 II 10% 10% - % 

9 261 15% 15% 15%-*, 

4 242 19% 18% 19% - % 

25 67 23% 23 23%+ % 

18 711 15% 15% 15**- % 

12 129 17% 16*, 17 - % 

580 23% 22% 23 - % 

99 13 23% 22% 22% 

37 61 27 26% 2B% 

18 70 50 48% 49% - % 

35 36 41% 40*i 41% +1 

14 406 49% 48% 49% +1 

15 ZM 18% 18** 18%+ % 

10 14% 13% M» 4 + % 

U 70 0% 0 29*4- % 

14 255 10 97* 10 + % 

201482u1T% 10% 10* 8 + % 
190 06 T9 18% 19 + % 

11 11** 11% 11*B + % 

329 14% 14 14%+*, 

16 950 13% 13% 13%+ % 

221035 22% 22 22% - % 

21 18 17% 18 + % 

1B13M 27 28% 26%+ % 

X Y Z 

81 42 19% 18% 18% - % 

487 20% 19% 20% 

576 11% 11% 11% o 

39 447 11% 17% «%-% 

20 382 16% 15% 1£»+1> 

37 193 18% 15*, 18%+ % 

17 031 34% 34% 34%+ % 

9396 5% 4% 5%- % 

1670 3*, 3 3%- % 

12 128 21% 20% S0% 


Matrix (MU 

Ctenymite 

MONTREAL (Mcfio 


Frhfry 
BkTx«p — 

ATT 

Sou CHI 

Gillette 

RochGas, _ 


Jm 

29 


tara 

24 

Jura 

23 

Wak 

bra 

2JH3 

17315 

2.7111 2.791.1 1 
3JBKJ 3JS2J 

2J71J 

1J91J 

2JGJ (11/5/27) 
3JB1JZ 0/4/87) 

1JML2W1/B8I 
ajOT-8 (2/1/M 

ijMMjtjftnj 

w , 

IJ73JI 





25429.42 am 

zsajb am 


53832 a«3) 
mu n«3> 


185440 030) 
1557.45 (13/1) 


257.7 (280) 
24350 fll/6) 


17850 GW) 
14Z10 (2/1) 


NEW YORK ACTIVE STOCKS 


ClasteQ Chiffjp 

traded price on day Friday 

_ 6.429,000 it — Hanson TruH. 

— 3,038,000 2Btj -% USAJrGr __ 

2.001,600 31% -1% Dayton Hud 

2 <*78. 000 39% +% Tandem Hud . 

.1.729JOO 18% “ - 


+*i Tandem Hud , 
— Font Motor _ 


Stoda Ctodng Change 

traded price cm day 

uea.400 14% - 

1*580,400 47% +% 

1^7QJOO 51 +1 

1.510300 31% -% 

L 450,200 102 +2% 


LONDON - mm Mm Stacks 
Hamby, Jam 29. 1917 


SXhrtv Jroe 27; Mkkte htene 24,902.72. 

Bate vatnes of aH Indton are 100 except Brussels SE— 1,000 JSE Goto— 255.7 JSE Industrials- 
254J and Australia. AB Ordinary and Hetab-500; NYSE All Common— 50; Standard and 
Poor's— 10; and Toronto Cumposiie and Metals— 1000. Torootc indices based 1975 and Montreal 
Portfolio 4/1/83. t Excluding bands. 1 400 Industrials ptes 40 Utilities. 40 Financials and 2C 
transports. tcJ Closed, (u) Unavailable. 


TOKYO - Most Actwa Stocks 
Momtay, June 29. 1987 


GwiBtot - 
HmesTr. . 
Britui 


Ttedat Price an Bay 

12Jw Ml +2 Pinny 

11.9<a 241% + 2Vr ASDA-MH_ 

llJta ITS - Vk Seen, 

fUta 318 + 4 SMTnw.. 

. B.1ta 279 +13 BATteacan 


W Wn an tay _ .. .. . 
13m 227% - 114 M>n*MI I 

82 m IM + 1 «Ppn*n 

4Jm IBS - 1 Smimm l 

4Jv «14ta+ %i “St*- 
Sta 211 - 4 Tifctall 


Tratad 

3&5G* 

Wra? 

M 

Okraga 

ns 

HttM 

DmM p£? 

9.19a 1,179 -HI 

1SJS2m 

315 

-19 

Yi— m Kuato 

BJ4m 1,119 +79 

IX«3b 

448 

- 1 

Hte^dfHravybxl. 

1.15a 595 -21 

IBJta* 

CM 

-22 


7J4a IJtt -19 

10L2SM 

940 

-19 

■tatmtet, Bac bxf_ 

7XHa 2320 rak 


w Chief price changes 

I A f f\ I Jf (in pence unfess otherwise fmJtoafocf) 


RISES: 

Aes.Jwhy 278 +110 

Alex. Hldgs. 57H + 11% 

Brat Walker 381 + 28 

Brit Land 317xd + 12% 

BP 389 + 10 

Camfc Eng. 188 + 21 


Carless Cap. 128% 

Christies Inti. — 567 

Cohen (A.) .795 

CaryfH.) 42 

Dovrty 284 

Enterpr.Ofl 305 

Ford (Mart) 188 


KemSmate — 296 + 38 

Lnd Secs. 577 + 15 

Lonrho 279 + 13% 

Pearson 723 + 18 

Bentos 180 + 18 

Rosefaaugb £11% + % 

Schroders + l ! Vit 

SelecTV 40 + 7 

Stew.Wrightson 585 + 85 

Wtgfahs 288xd + 54K 


Wyndham. 258 + 18 

FALLS: 

Trea&13Kpc 

2004-08 035*%*-- % 

Atlantic Comps -750 4 fiS f fl 

England (J) 166 - 14 

London IntL 304 - 12 

Redfearn Glass -554 - 34 

Wiflifi Faber 400 - 37 


13 12 42% 4S% 4B% 

207 14% 14% W.+ W 


BERGEN 


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/ ft- 






































































































I 


44 


0 Financial Times Tuesday June 30 1987 

NEW YORK STOCK EXCHANGE COMPOSITE CTOSING PRICES 


O'OB 

ft Sb 

On. Yit F 100s High lam OoBBODa 

.50 1.5 23 Sb 33 32% 32% 

0? 29 18 97 31% 31% 31% + % 

.16 J 11 567 26*4 25*3 26 -% 

16 1412 16% 15*? *S*8 -1 

12 8 77 s 7% -*a 

453 75a 7*3 75 b 

13 4490 61*1 60 61*b -*8 

Si Z*% AMR pf2J7 10. 53 », S, a 

11% a arx a 12 20 Ift 29* 25 s 4.1 

73*j 288| ASA 28 3-5 406 57% 56% HR. +% 

' AVX 


12 Meath 

m Um Sack 
35 20*a AAR 6 

37 21*8 ADT 

27% 1684 AFG 8 
22% 6% AGS s 
12*8 634 AMCA 
n 4*i AM M 
6 Z*b 4714 AMR 


20 

67 

283. 

15*8 

8* 

23*8 


9*4 

«i AbtLab 1 
1fi% AGCQW3.44 
9 AcmuC .40 
6*o AonoE.32» 
AdaExJ-tt* 


19% 11% AdmMa 2* 
243. 12*8 AdvSys62l 

24% 1Z*b AMD 
54% 483 4 AMD Of 


3 91 

_ , Adobe 
13% Adob Of 1J4 97 
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Continued from Page 44 


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+ *1 S2SV nn » ,£ nV HulKOO _ 11 439 9 ff, 8% MoHCA 33 17 26% 2ff, M% + % 


315 23520 3460 3510 


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38 35% 3ff, -% hottxL rates of iMdends are anrejal cBebwaetnenta besed on SS52! « J5* 4 DomBs .72 10 258 20 tt% 19% Myponx 10 s . ■** ^ 


HunUs .16 22 171 24 


65 25% 24% 25% 


24 + % j MoblCQ 


29 379 17% 18% 17 - % 

38 116 24% 23% 24% + % 

35 17 20% 257, 20%+ % 

36 73 271, 26% 27 + % 


Medina JB 13 53 35% 34% 34% 


13 194 IV, 11% IV, H 
264 4 3% ff, ■ 


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6 15% 15% 15% 

59 15% 15% 15% +% 

10 47% 47 47% 


15 243 30% 30% 30%+ % fcmunex 

g g bnunmd 


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ft ^'a “ ™: 4 Sft * .. M 8 a, lira ?.tu 7.0 ra ibi 29 % 2 sn a -% 


cumulstive issue vdth dMdend* 


37 577 4V, 41 41 -1 past 52 weeks. The 


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24 150 31 307, 307, - % 

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11 4B9 B% 6% 8% - % 

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112 12% 12 Iff, + % 

605 25 24% 247,+ 

183197 11% 11 11 


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m! n2 * MOf1n# 5 20i, 201, 20% 

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J B lff?+ % Mulmh » W* ^ 

S4% 247 , + % N N 

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9% 8%+ % NHCtysIJO 10 796 3ff, 35% 35% - % 


- 1 , trading, nd+iext day deBvoiy. P/E-pricMMUngs ratio. r-dM- 
-% pond dedared or paid In preceding 12 months. pkiB 8tod( dM- Brt(WtB 
(lend, v stock apNL DMdenda begin with dale of apBt. Ms - aSgoS 
-% sales. t-dMdand paid in stock In preeedhg 12 months, estt- i^km 
+ % mated cash vahio on ox-dMdend or ex-dfaUlbution date- u- BwnTn 
"5 new yaerty high, v- barfing hated. vHn bankruptcy or racahw- Branot 
“> ship or being reorgentoed under the Benteuptcy Act, oreecu- BuiWT 


19 4 IB 22% 21% 21% - % 


8 449 B7, 8% 8% 


49 499 18% 18 16% + % numay _ 

83 101 iS 13 «C + % 55 53 48 46% 47 -1 

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12904 45% 437 . 44 % NESvBk JO 165 15% 15% 15% — % 

637 U% 13% 5%- % NE Bub .48 21 194 23% 2S% 223,-1 

432 15% 14% 14%-% NHn« 48 10 72 24 23% 23% - % 

1074 9 % b% S SJKS’-S 155 S 4 25> - * 


- % SEJ aJomri hu «>+ mmiuinlni wdHfabteuted. wl atom Bmhm j# 20 110 23*4 22 % 2 ff, Enseco 68 17% Iff, 18% - % "Rig * 03 J£J »% 73 13% 

+ 1 . titles asEuned by Bucn compantBS. woHHB muuo. wnwun ■" “ ' “ 4 to - i. EntPub .10 15 229 iff, 16% 17 + i, tafgCen 381 n% n n% 

_ij Issued, ww +r tth wa rra nts. x ^x -dhriderrt *£^*2*^ SST 1.10 33 ra 3a% a ^ ' 78 817 «* S ± + SSL a U 


$ M% SJ^rby J* 1.4 20 108 18 " 17$ 17% . I SJl IKX 87 u"«r. 45% 457* i% ~ M ~* 

i a as ggp a j?|a a a ra a w a a 4 > - ; ■ 

Ibrmomiiig delivery of the FT 
g & in major business centers cxiast-to-coastj 
! call 212*752-4500. 

V- S nl Hand deKverytoboine or office is available in Adanta,BoslOT,Chic^Dana^ 

Detroit, Miami. Minneapolis, Houston, Los Angdes. New Vbrk. Philaddphja, 
fi"*®*# Rttsburoh, Seattle, San Frandsco, Vfoshington, Montreal, Ottawa, Toronto, 

| \^ncOTivetHeasecrfl ^details between 9am--6pm New \fodc lime. 

t FINANCIAL TIMES 

IV Because we live in financial times. 


K 4 M% » » 7 efistributton. m+wUhout warrants. y-ox-dvWnnd and sales in- 
1477932 3i% 32 +% ML yld^fekL z -sales in luL 


ss » » a s> a: i s 3 m ss s - ,,ll::s£ - 

SS? „ 51 ?& m S« ,+ I 8 ErksTOJOa 18 43 39% 30% 3B% 

Sn w 144 sS* ^ **' * &mSut 23 74 33% 33 33% 

Sts. £ « IK %, Si- - ISf** t?„ ’S, ’13s: 

CPIs .18 21 143 24% 24% 24% gS? 15 Iff! IS IS 

CUCInt 211575 26 25% K% 22 47 Iff! IS IS 

CbrySclJOs 212032 45% 44% 45',+ % 6 * p,n9 “ c c 

Cadntx 333381 13% Iff, 13%+% ^ r 

Caioana 95 10% 10% 10% + % FFBCp.tOo 12 233 Iffs Iff, Iff, 

CalBiO 71 14 13% 14 FHP 11 9 11% 11% 11% 

CatMIc 113 7% 71* 7%+ % FamMH 8 50 72% 11% 11% 

Calny .16 89 10 9% ff, FamSte 108610 Wp 7% 8% 

GamBS 268 Iff, 11% 12%+ % FhnHin JO 7 108 22% 22 221, 

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Canonic 37 185 31 30% 31 FsiGpalJO 141793 «% « J5 

CrdntD JB IB 102 22% 22% 22% - % ™tef 152 9 699 37% 37 »% 

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CarmM 411938 21% 20% 21 + % FidFTn.lfie 1T4 17 18% 17 


33 1ft IK"? > Si SHE 15 20 »% B% a% ’ fahfflr J4 15 154 » 22% 22%+ % » J 4 J 34 Jff, 24% 24%- % 

57 20% 20 20%+ % grtcTTi jfle 18 43 39% 30% 39% — % fateph 282148 22% Sff, 22%+ % J 8 22 152 12 11% 12 

“ « J® 4 S' 4 - ' 4 S s s S%+ ? K m iw wi 16 wS- % 0 JR Jft- u 

18 144 25% 25 25 ExrrifttL31a x3ST 14% Iff* 14% + % I4IIMC 27 67 151, 15 15 WdlHn! 9 318 10% t0% 10% 

f 8 838 ®l4 S 8 "’ 4 S3 ««% «%«%-% WmKe.lB 17 177 16 15*, 16 + % “* 1ft * 

21 143 24% 24% 24% Exortf 15 14 % 147. - % frUAin M 666 6 % 5 % 5 % NOW .«r 23 97 13% 13% Iff, 

211575 2 G 25], 25% Explta 22 47 Iff! iS Iff!- % IMOIa 36 496 19% 19% 19% fe ort **g _j 6 35 1 647 701, 6 B 70+3, 
212032 45% 44% 45',+ % 6 * p,n9 e c I Game 48 130 t®, iff! 13%+% ^rakfl- 33 ® » 33% 33 33%+ % 

333361 13% 12% Jft + J* __ „ „ FJ F IndCfafl 19 221 17% 16% 17% „ 243 3% ff, 3 + % 

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71 14 13% 14 FHP 11 B 11% 11% 11% aiMoblt 1279 11 ^ 11+1% NmTrtJ « 13 28 45% SJ 45 

T 12 ft V? ft + *8 JLJ2 ’ft ’ftl!? IlKan 60 17% iS 17% ^ « « 22 % 21 % 22 


, © FTPuMkatkxa.lnc.T965 


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ChnnSs .12 361313 31% 31% 31% F*Am&rJ4 .. » 17% Iff, 17% g/' 


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» 388 »% *1% 21% “1% | OpWCC 43 174 1B% 101* 18% + % 

5 J? Jft IPl ~ J4 | rnntinnoil Etem 49 


SS ta ' 2 SS §2 5S S + ’*! SS * ?£ IS IS is: Si «— - «- ** ^ <\ Continued on Page 43 


r 



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3 EKEND 



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46 


0 Financial Times 


j av June 30 1987 y 

imes Tuesday ^ 


FINANCIAL TIMES 


WORLD STOCK MARKETS 



Strong oils lead 
to small gains 
as bonds ease 


STRONG oils helped Well Street 
share prices edge ahead on moder- 
ate trading yesterday in the face of 
a weak bond market, writes Rod- 
erick Oram in New York. 

Bond prices were as much as half 

a point lower at the outset after 
poor market conditions and the 
prospect of higher oil prices pushed 
them down abroad oversight They 
recovered late in the day to slim 
gains. 

The Dow Jones industrial aver- 
age dosed up 10X15 points at 
2,443.91, near its high for the day 
with the rise coming in the last 
hour. The broad market followed, 
suit taking the Standard & Poor's 
500 winning up 0.73 to 307.89 and the 
New York Stock Exchange compo- 
site index up 0.31 to 172.98. 

But the enthusiasm for oils failed 
to spill over into other stocks in the 
first session of a holiday-shortened 
week. The markets will be dosed on 
Friday for Independence Day cele- 
brations. 

NYSE trading volume was light 
at 142 An with the number of 
shares declining outpacing those 
rising by a margin of eight-to-se- 
ven. 

News that Qpec had reached a 
production sharing agreement 
boosted oil prices and oil company 
stocks. Exxon jumped $2% to S93H, 
Mobil gained SIVa to $51% Atlantic 
Richfield added 51% to $85%, Amoco 
put $2% to $88% and Chevron was 
up $1% to $81%. 

Texaco rose $1% to $39%. The Sec- 
urities and Exchange Commission 
said it would ask a Texas court to 
reconsider its judgment on the Texr 
aco-Pennzoil suit in light of federal 
laws. Pennzoil fell $4 to $78% on 
moderate volume. 

Oil users, particularly airlines, 
were hurt by the prospect of higher 
oil prices. AMR slipped $% to $61%, 
Texas Air was down $% to S38% and 
Trans World dropped $% to $29% al- 
though USAir gained $1 to $48%. 

Korea Fund soared $10% to $70% 
on heavy volume. The closed-end 
fund which invests in Korean 
stocks was boosted by news that 
the chairman of South Korea’s rul- 
ing party urged President Gum to 
accept direct presidential elections. 

Marine Corp. jumped 527% to 
$58% and Marshall & Hsley slipped 
$% to $30 in the ovmvthe-counter 
market Marine received a $62% a 
share takeover offer from its fellow 
Wisconsin bank holding company. 

Di Giorgio gained $3 to $30. The 
food packer and dist ri b u tor re- 
ceived an unsolicited suggestion for 
a recapitalisation which would give 
shareholders $20 a share in c**h 
plus other securities. The sugges- 
tion came from Gabelli, a New York 
investment firm, which said it and 
its associates held a 28.59 per cent 
stake in Di Giorgio. 

Among other takeover stocks, 
Dayton Hudson was unchanged at 
$51% following tougher anti-take- 
over laws in its home state, and Gil- 
lette was off $% to $39 after it af- 
firmed its injection of an offer from 
Revlon. 

AIIi&€halmenfeIlS%to$2%.The 
struggling Milwaukee-based engi- 


neering company filed for Chapter 
11 protection in the bankruptcy 
courts. 

Todd Shipyards fell $1% to $9%. 
The group, which recently faded to 
win a big warship order from the 
Pentagon, said cash flow problems 
would force it to defer interest pay- 
ments over the next few months. 

Lorimar-Telepictures fell 5% to 
$15%. As the television and film pro- 
ducer forecast last week, it turned 
In a net loss of $62Jm or $1.37 a 
share for the fourth quarter be- 
cause of restructuring charges. 

Wall Street’s credit markets 
opened about % of a point lower as 
bond prices caught up with falls 
overnight abroad. They recovered 
by late afternoon to leave the 8.75 
per cent Treasury long bond up %• 
of a point at 102*%: yielding 8.48 per 
cent 

The drop came despite a stable 
dollar. One negative factor was the 
jump in oil prices following Opec’s 
production agreement which car- 
ries a flirmTi threat of higher infla- 
tion and thus interest rates. 

Overall, though, the problem ap- 
peared to be market conditions and 
psychology. Dealers have large in- 
ventories after little retail buying 
interest materialised for the 
$24.3bn of notes the Treasury auc- 
tioned last week. Moreover, the dol- 
lar has failed to rise further, per- 
haps because of central bank inter- 
vention. 

In markets are 

more attention to Washington be- 
cause of an increase in political and 
economic news. Congress is about 
to resume the Iran-Contra investi- 
gation, trade bill hp»rmg s and de- 
bate on the federal Government’s 
debt ceiling. 

A number of important economic 
statistics are due for release this 
week inriurfing May's index of lead- 
ing economic indicators. A rise of 
about BJJ per emit is expected. 


Maggie Ford reports on the share index's record daily rise 


Vote call boosts Seoul bourse 


INVESTORS in the Seoul stock 
market showed Aar strong ap- 
proval of democratic proposals 
pot forward by the South Korean 
ruling party yesterday, poshing 
file index up by a re cord daily 
rise of 1&68 points through the 
488 mark to dose at 4MJ8. 

The market has been reading 
to political factors ever since tile 
demonstrations in favour of 
democratic change in South Ko- 
rea storied eo June It. Last week 
the index SeO right points an 
Wednesday after opposition 
leaders described a meeting with 
President Gum Doo Hwaa as a 
failure. 

The market investor re* 
taained flat oo Thursday and Fri- 
day as c o n ce rn mounted fa adv- 


ance of Friday's major demon- 
stration, hot it gamed outre than 
five paints in Saturday's half-day 
trading as the march tur n ed out 
to be large fad relatively noa-vi- 


Yesterfay’s surge takes die in- 
dex over the 480 mark for the 
first time since March, when en- 
**»~hfnn over the * w uw " i y and 

an inflaw of speculative buyers 

boosted confident. 

in April, the South Korean 
Ministry of Finance decided that 
should be damp- 
ened and directed securities 
firms to sell a substantial part of 
their stocks. That p roce dure has 
ntmnw t been completed, anal y sts 
say, and votarne continue s to be 


TimMver an Monday rose to 
won 43Am against won 30i9m 
for Saturday’s half -d^y rewana, 
Among the leading price rises, 
Samsung Electronics rose L3Q0 
won to 31,300 won, Yukong added 
L398 woo to 32J800 won and Hy- 
undai Motor climbed IfiQd won 
to 2L99D won. Chefl Sugar was 
L300 won np at 33306 won. 

In addition to the stock mar- 
ket’s rise, premiums also rose on 
the Korea Fund and the Korea 
European Fund, which are both 
open to overseas investors. 

The Korea Fund yesterday 
reached 87% after closing on Fri- 
day at 60%, while the European 
Fund traded at 24-26 
22-24 on Friday. 



Japanese shares 
down by heavy se 



TOKYO 


HEAVY SELLING of domestic^ de- 
mand-related stocks drove share 


CANADA 


STRONG advances by oil issues fid- 
lowing OPEC's agreement setting 
ofl production restrictions helped 
Toronto share prices to modest 
gains. 

Among advancing oils. Imperial 
Oil class A rose C$l% to <372%, 
Shell Canada was up C$1 to C$47% 
and Texaco Canada gained C$% to 
C$38 %. 

Precious metal shares strength- 
ened as world bullion prices climb- 
ed higher, supported by the un- 
proved oil prices. Echo Bay rose 
C$% to C$48%, Placer gained CS% to 
CS20 and Campbell Red Lake put 
on C$% to C$33%. Lac Minerals, 
planning a flow-through common 
share issue, eased C$% to CS40%. 

Bank shares showed little direc- 
tion. Bank of Montreal, which is 
considering legal action to force 
Dome Petroleum to solicit other 
takeover bids, eased C$% to C$33 %. 
Dome finned one cent to C$1.13. Ca- 
nadian Imperial B ank of Commerce 
slipped CS% to C$2l%, while Toron- 
to Dominion Bank rose C$% to 
C$29%. 


EUROPE 


Publishers spur fresh 
in Amsterdam 


peak 


EUROPEAN BOURSES, anticipat- 
ing the wwwfaff summer holidays, 
were mainly quiet The notable exr 
caption was Amsterdam. 

Amsterdam's long-term all-share 
price index reached a record 3064 
yesterday, having risen 10 per cent 
from May 29, when it stood at 277.5. 

Share analysts point to a more 
stohta dollar, and a hostile takeover 
battle anmng publishing firms; 
which has stimulated share inter- 
est, as the prime reasons for the 
surge. 

The publishing battle involves El- 
sevier, which on June 3 announced • 

it would bid for rival publisher, Klu- 
wer. Kluwer responded, on June 15 
by stating that it and Walters Sam- 
son would accelerate existing merg- 
er plans. Then, Mr Robert Maxwell, 

head of Britain’s BPCC exp ressed 
interest in Kluwer. This sp ur red in- 
tense share activity. 

Between May 29 and June 28, 
Royal Dutch/ Shell rose 45 per cent 
to a high of FI 265A0, KLM Royal 

Dutch Airlines rose 54 per cent to a 
high of FI 53 on June 25, and Unil- 
ever went 49.2 per cent to FI 881 
on June 22. 

Elsevier dropped FI LB0 to R 
53.50 and Klnner was down FI 7M 
to FI 397. 

Profit-taking was seen in some 
sectors but Royal Dutch/ She fl, 
which said it was setting up & joint 
venture in South Korea, dosed FI 
5.40 up at FI 289 JO. 

Frankfort gave way to a more 
sluggish trading pace and closed 
mainly lower after last week's high 
turnover. The FAZ dosing index 
was down slightly, 0.33 to 62168 
while the Commerzbank index of 60 
leading shares, calculated at nrid- 


LONDON 


STERLING'S weak response to 
(be I***** Opcc agreement de- 
pressed ffw* L ondon 
oils posted 


Hie FT-SE 100 index closed 
down IB at 22894 and the FT 
Ordinary index lost 6J at 1,784A. 

Government bonds ended wtih 
net losses of % of a point after 
fight adfing spared by sterling's 
Details Page 42. 


session, edged 0.6 points up to 
L892i 

Antmnobfles and banks led other 
sectors down. Volkswagen dipped 
80 pfg to DM 31L00 and Porsche, 
eased DM 7 to DM 1,017. 

Deutsche Bank fell DM 6 to DM 
636, Dresdner slipped DM 3 to DM 
333 and Commerzbank was down 
DM 2J0 to DM 272. 

Brussels saw Ain trading, but it 
remained heavy in Reserve, the 
stock of leading holding company 
Soti&te Genferale. Reserve, which 
advanced strongly on buying from 
Stance last week, ended unchanged 
at BFr 3,300. 

Utilities were firmer, with both 
Uherg and Tractebd putting an BFr 
60 to finish at BFr 3^50 and BFr 
7,200, respectively. Among industri- 
als, engineer Acec, depressed by 
concern over its order book, contin- 
ued its slide, losing BFr 16 to BFr 
990. 

The stock index closed at 4JW0.76, 
up on Friday’s dose of 4,79342. 

Zurich rinsed steady, with moder- 
ate trading. A stable dollar and 
slightly lower short-term interest 


SOUTH AFRICA 


A STRONG bullion price helped 
gold shares to dose mostiy firmer 
in quiet trading in Johannesburg. 
However, the trend was distorted 
by some ex-dividend situations, ac- 
cording to dealers. 

Randfontein ted the gains, up R10 
at R418. WeQrom rose R1.50 to B35. 
But Venters and Kloof, both trading 


ex-dividend, fell R&25 and 75 cents 
respectively at R4225 and B43.25. 


In quietly steady tniniyig finan- 
cials, Anglo American, trading 
ex-dividend, fell R1.50 to S80. But 
diamonds and Platinums gai ned, 
De Beers putting on R1.25 to B40.50 
and Rustenburg 50 emits to R51.75. 


KEY MARKET MONITORS 




Ena at month Sguqa | 

2000 

1500 

1000 

Australia 

(AH Ordinary) 











400 

■ — 



1982 1983 1964 1965 

1988 

1987 | 


Sptrbmwt 


EnC at month figure 


30 

25 

20 


15 


10 

7J90 




r%r-w, 

Brent 






l Oil Price 





1 j 

r 












JL 



1982 

1088 

1984 

1985 

I960 

1987 


STOCK MARKET INDICES 


Juno 29 Prev Yeorago 
DJ Industrials 2,446*1 243886 1.88&2B 
DJ Transport 1,0205 1 .029.79 77750 
DJ UtOtlM 207.22 207.11 190.78 

SAP Comp. 30750 30720 2*660 


FAZ-AMten 62*68 62501 
Commarzbark 153220 159150 


64m 

1.9515 


(London) 


l» 


HONQKOWa Hung Sang 

3,15158 3.138£8 


175098 


ITALY 


Ord 
SE 100 

AAitatara 

A 500 
Gold mines 
A Long gftt 

World Act. W 
(June 28) 


17845 1.7807 1.367.1 
2289-3 2291.3 1538.10 
1,15243 1.15178 815.70 
1.Z7.« 127727 89248 
380.7 3722 2025 

921 9.13 751 

13159 13217 9227. 


Comm. 

886.18 70209 


68540 


Gan 

ind 


ANP CSS 
30650 30550 
26250 283.00 


2915 

2870 


Juno 29 Previous June 29 Previous June29 

9 - 15010 15110 Price YtefcJ Pries Yield 

SI !St J5£ “S aS »■" zs uj J5, 

m- 51075 60925 9J775 9515 7 , 1884 **• 

SPY iraon 15145 24325 244 BK 1997 10C 7 V» 857 101% 859 

R 20610 25530 350 351 M 2017 102*9* 8516 103%t 844 

Una 1528 1523 2,123 2.131 Hmri a Trust An *ios SMr 

BPr 3755 3750 815 6050 ****** 

Ct 15335 15826 8.1350 2.1486 —————————— 


NORWAY OatoSE 

42957 43148 


Am 29 


TOKYO 
Nfcw 
Tokyo SE 


StraRsTteiM 
156S.70 1560.77 


78254 


2L50941 2W»ag3 175004 
207651 £13084 1550.14 


AlOnL 1,7615 17485 1,1835 
Metub&Mns. 1.033.1 1,0060 5045 


Credit Aktion 


- 18326 241.17 


4500.70 4J9350 35805Z 


Torosto 

•tetAWns. 2,7935 2,7807 £0995 
Composta 3.7335 3,7275 35705 


Portfolio 


189454 1590.12 1582.18 


MIWMK84E 

SoMs — 20320 

Industrials — 1.9140 

1X383 

1,1750 

SMUN Uackld SE 



24887 24283 

17322 

smjm jap 



2,71140 270980 243885 

MBHMD Swoa Bank ind 


612.70 6120 

«27 

COmODmcS (London) 


Jim 29 

Prav 

S8ver (spot feeing} 

434, OSp 

421 8p 

Copper (cash) 

£98800 £89300 

Coflte (September) 

£1,27500 £125780 

Ofl (Brent Bend) 

$1820 

$1920 



June 29 

Prw 

(3-rnonth offered rate) 

X 

Sft 

9ft 

9*r 

3ft 

4ft* 

M 

3TW 

3*ft* 

rfr 

8ft* 

8ft 

(offered rate) 

3-merahUS$ 

7ft 

7ft* 

S^nortTi USS 

7ft 

7ft 

QftMtada 

E'Vn' 

6ft 

IHT ipumCI' CPI 

885' 

7075 

USS mealkT-Mta 

5.75* 

504 

muNOAi nmiREs 


MaSMjr 

Return 

Dey* 

YtefcJ 

Day's 

OfW) 

Index 

dungs 


ctMQe 

v» 

163.17 

4-023 

688 

-003 

1-10 

15483 

+0.12 

686 

—003 

1-3 

144.03 

+0.07 

627 

—0,03 

3-5 

15787 

+0.17 

671 

-0.03 

15-00 

19388 

+088 

728 

—003 

Source: Afene Lynch 




Pm 

Pries Yield 


>(eaq 


ootp tS/QZ 


CWCAOO 

CIS 

8% 32reb at 100% 

June 29 imam Hgh Low Flw 

(Sopt) 91-15 91-21 60-90 91-18 

QITiwaayHhpwq 
Sim pofedB of 100ft 

{S ept)_ 93 56 9356 9350 8355 

Jim paints of 100ft' 

Mum) 


950 


SE 


CACGan 


20884 

20924 

21502 

London 

June 29 
$44985 

Prev 

$111110 

(u) 

101.7D 

40140 

10080 

3531 

83.10 

Paris (teteg) 
Luxembourg 

New YorK (August) 

S444.7B 

$44580 

juiMp 

S441J7 

$44125 

$450.10 


$im pofens at tooft 

92.45 9246 9241 


9250 


CS0500 32nds aMOOft 

(Sept) 122-13 122-27 121-31 123-06 


C o rporate 

Jim 29 
Pries Yield 
AT&T 3ft July 1390 

9352 640 9357 855 

SC8T Scute Ctatrl ioftJmi993 

10550 1058 HB.7S 1052 

Ptribro Sal B Apt! 1996 

9256 920 9251 

7I1W 8ft Mm* 1995 

9744 925 9075 

Am 9ft Mnti 2016 

102.15 925 10114 

General Motor* m April 2016 
M BS am abiw 

Clttoorp 9ft Mkk 2016 

9255 1050 9255 

Source: Sakxrxx! Brothers 


850 


955 


as 


1050 


* Latest tseRsUB Bgutes 


rates underpinned the market 

Credit Suisse bearer added SFr 

10 to SFr 34.75 and Leu bearer was 
up SFr 50 to SFr 3^50. In trans- 
ports, Crossair bearer was high- 
lighted, gaining SFr 70 to SFr 1,700. 

Milan closed lower, with the mar- 
ket's recent dull trend continuing. 
The MIB dropped .72 to finish at 
962. Fiat, whose shareholders meet 
tomorrow, fell L162 to L12.799, and 
Montedison shed L35 to L2.400. 

Madrid rose, with the market 
buoyed by strong interest from in- 
stitutional investors. The general 
share index rose 4.06 points. 

Stockholm closed slightly lower 
in very thin volume. The Veckans 
Affarer all-share indpr dosed at 
1000.0, down from Friday’s 1001.7. 

Oslo share prices closed mostly 
steady in thin trading, with a firmer 

011 index leading the gainers as a 
result of Norway’s decision to con- 
tinue output restraints in support of 
OPEC, according to dealers. The oil 
index rose 5.52 points to 280.95. 

Paris closed firmer, with the 
AGEFI general index closing at 
35140, compared with Friday’s 
351.65. 


prices sharply lower in Ibkyo yes- 
terday, ionites Shigeo Nishiwoki 
ofJiji Press. 

The Nikkei average of 225 select 
issues, which shed 491 points from 
last week's dose at one point, ended 
393.31 points lower at 24,509.41. Vol- 
ume shrank from last Friday’s 
965.93m shares to 506.56m. Declines 
led advances by 650 to 246, with 134 
issues unchanged. 

Investors shied away due to un- 
certainly over the market direction. 
Towards the close, investment trust 
compani es hunted Sony, Matsushi- 
ta Electric Industrial and some oth- 
er high-technology stocks, bringing 
a rebound in this sector but no im- 
provement in the overall market di* 


Y110 to Y4.120, Sumitomo Trust and 
Banking Y200 to Y4 <090, and Toirio 
Marine and Eire Insurance Y50 to 
Y2.220. 

Large capitalisation stocks de- 
clined broadly. Nippon Steel fell 
Y10 to Y315, and came out the sec- 
ond busiest issue, though only 
15.02m shares changed hauls. 

Mitsubishi Heavy Industries, 
with 815m shares, slipped Y21 to 
Y585, while Toldo Electric Power 
extended its losing streak, ending 
Y50 lower at Y8.600. 

In lacklustre trading, buying in- 
terest spread to tiie more specula- 
tive issues. Yamato Kogyo, with 
8J>4m shares traded, advanced Y70 
toYUlO. 

Bond prices dipped, reflecting 
strong investor expectations for in- 
terest rate rises in the months 



130 Or 


STRAITS TIMES 
f- INDEX 


120Oh 



IIOGj- 


lOOOh jff-f 


1387 


SINGAPORE 


The yield in the benchmark 5.1 


mate. , .per cent government bond, matur- 

Sony dosed Y20 higher at Yl,140 fog in June 1696, ended at 3560 per 


after losing YBG, while Matsushita 
Electric Industrial which lost Y70' 
at one point, ended Y2.220, un- 
changed from last week’s dose. 

Mitsubishi Electric, however, fen 
YI3 to Y643, though topping the ac- 
tive list with 30.55m shares chang- 
ing hands Wi tanhi ami Toshiba 
dropped Y1G and Y2Q to Y1J.70 and 
Y665, respectively. 

Oil issues got off to a steady start, 
helped by Opecfe agreement in 
Vienna on Sunday to wiawifarin the 
cartel’s crude oil production ceiling 
at 16.6m barrels a day. 

But oil stocks suffered from 
heavy selling in afternoon trading. 
Cosmo 03, the fourth most active 
stock with 10 JOm shares traded, 
ended Y22 lower at YB60 after gain- 
ing Y7. Teikokn Oil, fifth most ac- 
tive with 1025m shares, dipped Y10 
to Y940. 

Issues whidi stand to bmefit 
from domestic demand expansion 
declined steeply, worsening the 
market mood. 

Properties were conspicuous los- 
ers. Mitsubishi Estate and Mitsui 
Real Estate lost each Y130 to Y2.790 
and Y2.410 respectively. 

Financial issues also fared 
poorly. Nomura Securities shed 
Y160 to Y4.490, Sumitomo Bank. 


cent , up from Saturday's 3.900 per 
cent In interdealing trading later, 
the yield topped 4 per cent, reach- 
ing 4.015 per cent. 

The yield on the benchmark issue 
b«g been continuing its uptrend 
since it had dipped to 2.550 per emit, 
coming dose to the official discount 
rate of 2.5 per cent 


HONG KONG 


A VOLATILE session fraught with 
corporate rumours closed- with 
Hong Kong stocks higher in moder- 
ate trade. The Hang Seng index 
dosed up 13.30 at 3451.98. 

Shares jumped in the morning af- 
ter the suspension of trading in 
Evergo excited speculation that it 
was negotiating the possible sale of 
affiiiiriip niinii Entertainment to 
Hnngjfnng Hotels. The l atter fell 
HKSlbO to HKS67.50, China Enter- 
tainment «rfrfpH 15 cents to HKSL72 
and Evergo closed at 68 cents on 
Friday. 

R»mfcg featured strongly. Hang 
Seng, a recent laggar d in th e sector, 
caught up HKS125 to HKS40.75 and 
Bank of East Asia added 90 cents to 
HKS25.70. Hongkong R”"k 
steady at HKS940. 


SELECTIVE BUYING of blue chips 
and strong interest in speculative 
issues continued to drive Singapore 
prices to record levels. The Straits 
Times industrial average closed up 
4.93 at a further new peak of 

1465.70. tM _ 

Bank* did best among quality 
stocks. ICB was 5 cents higher at 
SS5.10, OCBC 15 up at SS9.45 and 
UOB 20 cents firmer at SS5.75. 

Trade continued busy in s m al ler , 
speculative issues. Arab Malaysia 
Development added 3 cents in trade 
of 3m shares. Tan Chong, with 
257m shares exchanged, also rose 3 
cents to SS1.1&. 

Some blue chips faltered against 
the market trend. Singapore Air- 
lines lost 10 cents to SS 12.90 and 
Fraser and Neave 30 cents to $10.60- 
Commodities eased slightly. 


AUSTRALIA 


was 


ADVANCING gold and oil prices 
pulled Sydney shares broadly high- 
er in their wake. The All Ordinaries 
index closed up 13.6 at 1.76L9. 

The market absorbed news of 
market leader BHFs steeper than 
expected 17 per cent fall in earnings 
for fiscal ended May 31. The stock 
rallied from earlier losses to close 6 
cents off at AS9.72. 

Golds «nH base wwtal miners 
were all stronger. Western Mining 
added 32 cents to AS6.26 and CRA 
M cents to A$850. 




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World leaders are con- 
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It is no 

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know that all 
currencies, 
even the “strong- 
est" ones, in re- 
ality are merely 
ieces of paper 
heir “value” is 


may teevpsatectoucnmtAjmHrttgcA 
There mag ntoer bsa bmtr tone mm ytur ptgier 
assets tagoU. 





no more — or less - than what 
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does sometimes surge or fell 


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millenia, the overall trend has 
always been up. And always 

will be. 

Why? 
Because 
unlike paper in- 
vestments, gold 
is a metal. 

A precious 
metaL Its value 
depends on no 
nation, no econ- 
omy. Its value is 


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■ ■ • ■* Jj’ " • ndi